The following Insurance & Reinsurance guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: Impact of Brexit: Insurance distribution-quick guide.
The Insurance Distribution Directive (Directive (EU) 2016/97) (IDD) replaced the Insurance Mediation Directive (2002/92/EC) (IMD) effective 1 October 2018. Under Article 20 of the IDD, the manufacturer of a non-life insurance product, such as a motor insurance or home contents policy, is required to draw up a document called the Insurance Product Information Document (IPID), which insurance distributors must provide to the customer prior to the conclusion of the insurance contract. This Practice Note describes the IPID requirements of the IDD.
For more information on the IDD, see:
Insurance Distribution Directive (IDD)—essentials
Insurance Distribution Directive (IDD)—background and legislative history
Insurance Distribution Directive (IDD)—timeline
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
Prior to the conclusion of a contract, whether or not advice is given and irrespective of whether the insurance product is part of a package, the insurance
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