EUROPEAN COMMISSION Brussels, XXX COM(2012) 360 ... - BVVM

complexity of insurance products involved and the nature of the service provided to
the customer and shall include, where applicable, the costs associated with the
transactions and services undertaken on behalf of the customer. When providing
advice, the insurance intermediary or insurance undertaking shall specify how the
advice given meets the personal characteristics of the customer.
5. The Commission shall be empowered to adopt delegated acts in accordance with
Article 33 to ensure that insurance intermediaries and insurance undertakings comply
with the principles set out in this Article when carrying on insurance mediation with
their customers. Those delegated acts shall specify :
(a) the nature of the service(s) offered or provided to the customer or potential
customer, taking into account the type, object, size and frequency of the
transactions;
(b) the nature of the products being offered or considered including different types
of insurance products.
CHAPTER VIII
SANCTIONS AND MEASURES
Article 26
Administrative sanctions and measures
1. Member States shall ensure that their administrative sanctions and measures are
effective, proportionate and dissuasive.
2. Member States shall ensure that where obligations apply to insurance or reinsurance
undertakings or insurance or reinsurance intermediaries, in case of a breach,
administrative sanctions and measures can be applied to the members of their
management body, and any other natural or legal persons who, under national law,
are responsible for a breach.
3. The competent authorities shall be given all investigatory powers that are necessary
for the exercise of their functions. In the exercise of their sanctioning powers, the
competent authorities shall cooperate closely to ensure that sanctions or measures
produce the desired results and coordinate their action when dealing with cross
border cases.
Article 27
Publication of sanctions
Member States shall provide that the competent authority publishes any sanction or measure
that has been imposed for breaches of the provisions of the national provisions adopted in the
implementation of this Directive without undue delay including information on the type and
nature of the breach and the identity of persons responsible for it, unless such disclosure
would seriously jeopardise insurance and reinsurance markets. Where the publication would
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