The following Insurance & Reinsurance guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance, see Practice Note: Preparing for Brexit: Insurance distribution—quick guide.
Following the implementation of the Insurance Mediation Directive (IMD) (Directive 2002/92/EC), it became apparent that there was a disparity in how EU Member States had interpreted the IMD. There was also concern around the sale of life insurance and insurance-based investment products (IBIPs) which appeared to offer less consumer protection than the sale of non-insurance investment products. Following a number of public hearings, reviews, consultations and reports, the IMD was repealed and replaced by the Insurance Distribution Directive (IDD) (Directive 2016/97/EU). The IDD was published in the Official Journal of the EU on 2 February 2016 and entered into force on 23 February 2016. EU Member States were required to transpose the IDD into national law by 1 July 2018 (this was delayed from the original transposition date of 23 February 2018). Firms were required to comply with the IDD by 1 October 2018.
For further details about the background and legislative history of the IDD, see Practice Note: Insurance Distribution Directive (IDD)—background and legislative history and Insurance Distribution Directive (IDD)—timeline.
Like the IMD, the IDD covers the
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