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What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive?

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Published on LexisPSL on 12/06/2019

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive?

What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive?

Article 25(1) of the Insurance Distribution Directive (Directive (EU) 2016/97) (IDD) requires insurance undertakings, as well as intermediaries which manufacture any insurance product for sale to customers, to maintain, operate and review a process for the approval of each insurance product, or significant adaptations of an existing insurance product, before it is marketed or distributed to customers. In the Financial Conduct Authority (FCA) Handbook, this is reflected in PROD 4.2.1 R.

Similar language is used in Article 4(1) of

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