(17)

‘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 does not include: non-life insurance products as listed in Annex I to Directive 2009/138/EC (Classes of non-life insurance); life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or disability; pension products which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement, and which entitle the investor to certain benefits; officially recognised occupational pension schemes falling under the scope of Directive 2003/41/EC or Directive 2009/138/EC; 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;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-28 · Text as adopted (Official Journal); later amendments are not incorporated in this text.