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. Whereas the IMD only applied to 'intermediaries', the IDD affects all market participants who distribute insurance products, thus bringing insurers and reinsurers directly within its scope. Among other things, the IDD sets out expanded organisational and conduct of business requirements for insurance and reinsurance distributors, which includes insurance and reinsurance intermediaries, ancillary insurance intermediaries, insurers and reinsurers.
This Practice Note provides an overview of the organisational and conduct of business requirements of the IDD, including how those requirements have changed from the IMD, how they have been supplemented by level 2 rules and level 3 guidance, and how they have been implemented in the UK. The requirements include:
professional requirements to ensure that individuals involved in selling insurance products to consumers are competent to do so, including requirements related to knowledge and ability,
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