The following Insurance & Reinsurance practice note produced in partnership with Jake Ghanty of Deloitte provides comprehensive and up to date legal information covering:
The Directive (EU) 2016/97, Insurance Distribution Directive (IDD) repealed and replaced the Directive 2002/92/EC, Insurance Mediation Directive (IMD) effective 1 October 2018. The IDD aims to harmonise the implementation of the provision of insurance and reinsurance distribution across EU Member States, provide consistency in the sale of insurance and reinsurance products, increase consumer protection and promote cross-border integration. Like the IMD, the IDD covers the authorisation, passporting arrangements and regulatory requirements for insurance and reinsurance intermediaries. However, the application of the IDD is wider, covering all market participants that distribute insurance products, thus bringing insurance and reinsurance undertakings into scope. The IDD also sets out expanded organisational and conduct of business requirements and introduces requirements in new areas such as product oversight and governance and enhanced conduct rules for insurance-based investment products.
This Practice Note examines the European Commission’s review of the IMD, its proposals to revise the directive and the legislative process that resulted in the adoption of the IDD.
For more information on the IDD, see:
Insurance Distribution Directive (IDD)—essentials
Insurance Distribution Directive (IDD)—scope, registration, passporting and sanctions
Insurance Distribution Directive (IDD)—organisational and conduct of business requirements
Insurance Distribution Directive (IDD)—insurance-based investment products
Insurance Distribution Directive (IDD)—Insurance Product Information document requirements
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