The Insurance Distribution Directive (IDD) is an EU directive which introduces a minimum harmonisation standard for regulation of insurance from 1st October 2018. We’ve made changes to implement any new/additional requirements of the directive providing you with information on our product oversight and governance policy including target market statements.
The IDD impacts are wide-ranging affecting the sales journey, conduct and product oversight and governance through to conflicts of interest, complaints, training and remuneration disclosure.
For the Product Oversight and Governance section of IDD here’s an outline of the product approval process for Aviva:
Aviva's Product Oversight and Governance Policy
Aviva has a robust governance and oversight framework in place to oversee the design, approval and review of our products which:
- Formalises the approval of new product developments and changes to existing products
- Enables identification of each target market and the needs of those customers
- Tests customer understanding
- Considers vulnerable customers
- Monitors post-sales performance and customer value
Statement of Facts
To keep things simple Aviva has introduced Statement of Facts documents for all of our marketed products to provide clarity on who the product is for and how it can be bought. Statement of Facts include whether Aviva considers a product to be complex or non-complex.
Our Statement of Facts documents provide information at product level on:
- Target markets
- Product classification (covering complexity)
- Other important information about the product
Read the Statement of Facts
Group Protection products have included information on target market and product complexity into their pre-sale Technical guides.
For further detail on the new Insurance Distribution Directive click here.