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11 Amendments of Jessica POLFJÄRD related to 2023/0167(COD)

Amendment 748 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 1 – subparagraph 3
The pricing process referred to in point (f) shall contain a comparison with the relevant benchmark, where available, on costs and performance published by EIOPA in accordance with paragraph 8.deleted
2023/11/09
Committee: ECON
Amendment 761 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 2
2. When an insurance-based investment product which deviates from the relevant benchmark referred to in paragraph 8, the manufacturer shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, the insurance- based investment product shall not be approved by the manufacturer. Where no relevant benchmark exists for an insurance-based investment product, a manufacturer shall approve the product only if it has established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.deleted
2023/11/09
Committee: ECON
Amendment 785 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 5 – subparagraph 3
The pricing process referred to in point (c) shall include, where available, a comparison with the relevant benchmark on costs and performance published by EIOPA in accordance with paragraph 8.deleted
2023/11/09
Committee: ECON
Amendment 797 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 6
6. When an insurance-based investment product deviates from the relevant benchmark referred to in paragraph 8, the insurance intermediary or insurance undertaking distributing insurance-based investment products shall perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated, the insurance intermediary or insurance undertaking shall not advise on or propose the insurance-based investment product to retail customers. Where no relevant benchmark exists for an insurance-based investment product, distributors shall only advise on or propose the product, if they have established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.deleted
2023/11/09
Committee: ECON
Amendment 804 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 7 – point a
(a) where relevant, the results of the comparison of the insurance-based investment product to the relevant benchmarks,deleted
2023/11/09
Committee: ECON
Amendment 807 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 7 – point b
(b) where applicable, the reasons justifying a deviation from the benchmarkdeleted
2023/11/09
Committee: ECON
Amendment 812 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 8
8. EIOPA, after having consulted ESMA and the competent authorities, shall, where appropriate, develop and make publicly available common benchmarks for insurance-based investment products that present similar levels of performance, risk, strategy, objectives, or other characteristics to help insurance undertakings and insurance intermediaries manufacturing or distributing insurance-based investment products to perform the comparative assessment of the cost and performance of insurance-based investment products. The benchmarks shall display a range of costs and performance, in order to facilitate the identification of insurance- based investment products whose costs and performance depart significantly from the average. The costs used for the development of benchmarks shall, in addition to the total product cost, also include all costs of distribution, inclusive inducements. They shall allow comparison with individual cost components. EIOPA shall regularly update those benchmarks.deleted
2023/11/09
Committee: ECON
Amendment 834 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 9 – subparagraph 1
The Commission shall be empowered to supplement this Directive by adopting delegated acts in accordance with Article 38 to further specify the principles set out in this Article, including, with regard to insurance-based investment products, (a) the methodology to be used by EIOPA to develop the benchmarks referred to in paragraph 8; (b) the criteria to determine whether costs and charges are justified and proportionate;
2023/11/09
Committee: ECON
Amendment 906 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – subparagraph 4 a (new)
If the amount of third-party payments cannot be ascertained at the pre- contractual stage, the method for calculating the amount shall be clearly disclosed to the client in a manner that is comprehensible, accurate and understandable for an average retail client.
2023/11/09
Committee: ECON
Amendment 942 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 21
1. Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products in accordance with Article 30(2) and (3) do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit with regard to the provision or distribution of an insurance based investment product, to or by any party except the customer or a person on behalf of the customer. The prohibition contained in the first sub- paragraph shall not apply to minor non- monetary benefits of a total value below EUR 100 per annum or of a scale and nature such that those benefits do not impair compliance with the insurance intermediary’s or insurance undertaking’s duty to act in the best interests of their customer provided those benefits have been clearly disclosed to the customer. Any payment or benefit which enables or is necessary for the provision of services, including regulatory levies or legal fees, and which by its nature cannot give rise to conflicts with the insurance intermediary’s or insurance undertaking’s duty to act honestly, fairly and professionally in accordance with the best interests of their customers, shall not be subject to the requirements set out in the first subparagraph.deleted
2023/11/09
Committee: ECON
Amendment 978 #
Jessica POLFJÄRD
Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b
Article 29bdeleted
2023/11/09
Committee: ECON
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