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. This Practice Note provides an overview of the scope and some key provisions of the IDD. It focuses on the regulation of firms and provides a summary who is affected by IDD, what are IDD regulated activities, and who is excluded by IDD. It also summarises IDD authorisation and registration requirements, passporting rights and IDD sanctions.
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)—organisational and conduct of business requirements
Insurance Distribution Directive (IDD)—insurance-based investment products
Insurance Distribution Directive (IDD)—Insurance Product Information Document requirements
Any individual or firm which is involved in the distribution of insurance and/or reinsurance products (distributors) will, in the absence of an exemption, be affected by the IDD.
The material change to
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