Art. 91 — Amendments to Directive 2002/92/EC

MiFID II Article 91 — Amendments to Directive 2002/92/EC. Directive 2014/65/EU, Chapter VII — Delegated acts.

Directive 2002/92/EC is hereby amended as follows:

(1)Article 2 is amended as follows:

(a)in point 3, the second paragraph is replaced by the following:

(b)the following point is added:

(13)For the purposes of Chapter IIIA, insurance-based investment product means an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations and shall not include:

(a)non-life insurance products as listed in Annex I of Directive 2009/138/EC (Classes of Non-life Insurance);

(b)life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;

(c)pension products which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement, and which entitles the investor to certain benefits;

(d)officially recognised occupational pension schemes falling under the scope of Directive 2003/41/EC or Directive 2009/138/EC;

(e)individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider.;

(2)the following chapter is inserted:

(a)define the steps that insurance intermediaries or insurance undertakings might reasonably be expected to take to identify, prevent, manage and disclose conflicts of interest when carrying out insurance distribution activities;

(b)establish appropriate criteria for determining the types of conflict of interest whose existence may damage the interests of the customers or potential customers of the insurance intermediary or insurance undertaking.