13(1) For the purposes of Article 25(1) of Directive (EU) 2016/97, insurance intermediaries shall be considered manufacturers where an overall analysis of their activity shows that they have a decision-making role in designing and developing an insurance product for the market.
3(2) A decision-making role shall be assumed, in particular, where insurance intermediaries autonomously determine the essential features and main elements of an insurance product, including its coverage, price, costs, risk, target market and compensation and guarantee rights, which are not substantially modified by the insurance undertaking providing coverage for the insurance product.
3(3) Personalisation of and adaptation of existing insurance products in the context of insurance distribution activities for individual customers, as well as the design of tailor-made contracts at the request of a single customer, shall not be considered manufacturing.
[Note: article 3 of the IDD POG Regulation]
1Subject to (2) and PROD 1.4.3R, provisions in this section and in PROD 4 marked “EU” apply to firms manufacturing or distributing insurance products, but to whom the IDD POG Regulation does not apply, as if they were rules.
For the purposes of (1), a word or phrase used in the IDD POG Regulation and referred to in column (A) has the meaning indicated in Column (B) of the table below:
“Article 17(1) of Directive (EU) 2016/97”
“Article 25(1) of Directive (EU) 2016/97”
“customer” and “potential customer”
“Directive (EU) 2016/97”
“insurance-based investment products”
“insurance distribution activities” and “distribution activities”
“manufacturer” and “manufacturers within the meaning of Article 2 of this Delegated Regulation”
In this sourcebook, where a reproduced provision of an article of the IDD POG Regulation refers to another part of the IDD POG Regulation, that other provision must also be read with reference to the table in (2).