Before an insurance distributor can write an insurance contract, it must identify its client’s demands and needs in terms of insurance. This is known as the mandatory “needs analysis”.
Although this is not a new obligation, the FSMA has observed that this rule of conduct often gives rise to questions. We briefly set out the main lines of this rules of conduct in a series of Frequently Asked Questions.
- What is the aim of the needs analysis?
- What does the needs analysis involve?
- May insurance distributors use a standard questionnaire?
- Who determines the client’s demands and needs?
- When is the needs analysis carried out?
- Which insurance products require a needs analysis?
- Does the needs analysis differ depending on whether or not the insurance distributor provides advice?
- Does the needs analysis have to be carried out if an offer is made digitally (website, application, platform, etc.)?
- Is the insurance distributor required to keep the needs analysis?