IBIP
as defined in Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27…, Article 2, point (3) (Definitions)
(a) an insurance‐based investment product as defined in point (2) of Article 4 of Regulation (EU) No 1286/2014 of the European Parliament and of the Council; or (b) an insurance product which is made available to a professional investor and which offers a maturity or surrender value that is wholly or partially exposed, directly or indirectly, to market fluctuations;