E-commerce directive (17)

Distance marketing directive (29)

Solvency II directive (39)

PRIIPs regulation(27)

Sales disclosures

Product disclosures

Distance marketing directive (29)

Life directive (20)

IMD (9)

Data protection directive (4)

E-commerce directive (17)

General data protection regulation (13)

Product disclosures

Sales disclosures

Tomorrow: 161Yesterday: 79

Duplicative rules

IDD PRIIPs chapter

Duplicative rules

IDD Standard

Duplicative rules

EU disclosure requirementsincluding duplications (on-line sale by a broker)

Consumer’s purchaseof an insurance-based

investment product

Paper as default option

Fit for digital?

Solvency II disclosures on top of KID

PRIIPs KID

Insurance Europe’s IPID

Layered approach

Fit for paper and digital

NON-INSURER

REGULATEDINSURER

REGULATORYSANDBOX

2-5%

95-98%

Covered so far by Solvency II Review and CMU work

Still needs to be covered

€9 900bn of investments

NOW

Short-term “trading” approach

2020 REVIEW

Long-term approach

EXPERT GROUP

SOLVENCY II