The 'Mifidization': The Sunset of Life Insurance in the EU Regulation on Insurance?

Abstract

The word “Mifidization” refers to the impact of the EU regulation on financial products, mainly the rules laid down by MiFID II, to the insurance sector and more specifically with regard to life insurance. The paper explores four areas of the insurance framework that are likely to be affected by the Mifidization: (i) the sources of the regulation on insurance; (ii) the design and distribution of the insurance products; (iii) customers’ protection; (iv) the interpretation by the Courts of the rules on life insurance products.

Keywords: Insurance regulation, Life Insurance, Product Oversight Governance, Customer Protection, PRIIPs

JEL Classification: K00, K20, K22, K23