The German Association of Actuaries (DAV) has called for the re-establishment of a Product Information Office for Retirement Provision (PIA) to provide clarity on the application of the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation to certified retirement savings products.
In response to questions on the Pension Reform Act, the DAV said the application of the PRIIPs regulation to verified pension products raised several methodological questions that required further clarification.
It therefore believed it to be prudent to re-establish a PIA to provide clarifications in this context, and said it was willing to engage with the Federal Ministry of Finance (BMF) and the newly established PIA.
The DAV also highlighted that the application of stochastic models, which could be developed and defined later for the purposes of the Retirement Provision Reform Act, had dependencies with other areas of application.
“For example, some insurance companies also use the current industry standard for Category 4 PRIIPs for internal verification of adequate customer benefit in accordance with the Insurance Distribution Directive (IDD) and the requirements of BaFin Guidance Note 01/2023 (VA) on conduct of business aspects for capital-forming life insurance products,” DAV concluded.
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