Product Oversight in Inclusive Insurance Consultation Call Report
On the topic: Inclusive insurance markets require a proportionate approach to product oversight including product standards. Supervisors have different options for product oversight before and after product launch. The overall objective of such steps is to discourage products and services that may cause consumer detriment from reaching the market. Some insurance supervisors require the pre-approval of insurance products, in both life- and general lines or in one of the two. Others have opted for a file-and-use process. Again others do not register or approve products at all, taking a risk-based approach.
In the Consultation Call on "Product Oversight in Inclusive Insurance", insurance supervisors from across the globe was given the opportunity to share their approaches taken with regard to the various options for product approval or registration and also report on their respective administrative processes as well as consumer protection concerns.
Topics presented and discussed in the call:
Specific objectives of product oversight in inclusive insurance
Options for product approval and registration in inclusive insurance markets
Challenges related to those approaches
Country cases – relevant lessons for inclusive markets and trends from India, Brasil, South Africa, USA (NIC) and Europe (EIOPA)