Draft proposal for Report on Good Practices for Disclosure and Selling of Variable Annuities

We consider that Variable Annuities (VA) products should be classified as PRIPs as should be all other more “traditional” classical and with profit life insurance products. There should be no difference of treatment or disclosure between those products which are purchased for investment or retirement purposes. We consider EIOPA’s recommendations for VA products concerning products features, costs transparency, level of products charges, selling practice and intermediary due diligence, apply also to the other traditional life and annuities products. It is very important that these products are sold only on an independent advise basis and that the inherent risks of these products if any be very clearly stated.

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