The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:
The Directive (EU) 2016/97, Insurance Distribution Directive (IDD) replaced the Directive (2002/92/EC), Insurance Mediation (IMD) effective 1 October 2018. Under Article 20 of Directive (EU) 2016/97, 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 and how they have been transposed in the UK. As of exit day (31 January 2020) the UK is no longer an EU Member State but the IDD had been fully transposed within the UK before that date and the IDD requirements applying to IPIDs continue to apply.
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 distributor must provide the customer with the relevant information about the insurance product
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