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After repeated consultations, the European Commission is pushing plans for a Pan-European Personal Pension Product (PEPP). The German Association of The Insured (BdV) has delivered its statement and is willing to support the project. BdV-spokesman of the board Axel Kleinlein said: “We need simple, efficient and pan-European concepts for pension schemes.”

The brochure „Excellent and Economic Insurance Cover“ is one of BdV’s most spread publications. It gives an overview over the most important private covers as well as the most frequent mistakes consumers make related to insurances concerning the German insurance market. Many tips for the research of the appropriate insurance cover are included. This brochure has now been published in English by Germany’s biggest consumer organization specialized on private insurances.

FinTech, including InsurTech and Robo-Advisors, may be a factor for a more competitive and innovative European financial sector. But BdV underlines that consumers and investors must always be able to continue relying on high standards of consumer and investor protection, of data protection and privacy rights and of legal responsibility on the part of financial services providers.

BdV welcomes Guidelines on complex IBIPs but emphasizes the need for strict criteria. If too many exemptions from the suitability and appropriateness assessments are made, there will not be any changes in distribution practices of life insurances.

BdV fully supports EIOPA’s objective to develop a principle-based minimum harmonisation of recovery and resolution frameworks for insurers available to all national supervisory authorities. This objective is clearly consistent with the objectives which are already implemented in other sectors of the financial industry.