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By Nessym Jules TIR, Avocat/Partner, Global Compliance Investigations, Wolff Partners SCS, Attorneys at law
The Insurance Distribution Directive (“IDD”) requires the implementation of specific compliance and due diligence systems.(1)
This directive specifies that the insurance distributor must act honestly, fairly, and not misleadingly. Insurers are required to implement an approval process for each insurance product by putting in place a Product Oversight and Governance (“POG”) framework: POG requirements aim at ensuring that the interests of customers take prime importance during product design and throughout the lifecycle of a product, including within arrangements for its distribution.(2)
The obligation to...
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