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Report: Insurers criticize draft EU product info sheets

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Report: Insurers criticize draft EU product info sheets

Insurance companies have claimed draft EU measures demandingthey provide simple price comparisons in their product information sheets couldmislead customers, Reuters reported April 8.

Plans for a key information document were finalized by the EU'sinsurance, banking and financial market supervisors in the week of April 4.

Michaela Koller, director general at industry trade bodyInsurance Europe, said: "Consumers will receive incorrect informationabout insurance products, which will wrongly appear more expensive and morerisky than they actually are." She said insurance-based investmentproducts include insurance protection that is not present in other types ofinvestment products, which could make them appear more expensive under the newrules.

The German Investment Funds Association BVI pointed out thatthe proposed method for calculating transaction costs could lead to resultsthat confuse consumers.