Q&As

The Insurance Distribution Directive (IDD) introduces CPD requirements (Art 10) for Insurance Distribution. Where an insurance undertaking uses a third party intermediary to distribute the products, would the CPD requirements apply to both entities?

read titleRead full title
Published on LexisPSL on 28/08/2018

The following Insurance & Reinsurance Q&A provides comprehensive and up to date legal information covering:

  • The Insurance Distribution Directive (IDD) introduces CPD requirements (Art 10) for Insurance Distribution. Where an insurance undertaking uses a third party intermediary to distribute the products, would the CPD requirements apply to both entities?
  • Further reading
  • Article 2 of IDD definitions
  • Article 10 of IDD professional and organisational requirements

The Insurance Distribution Directive (IDD) introduces CPD requirements (Art 10) for Insurance Distribution. Where an insurance undertaking uses a third party intermediary to distribute the products, would the CPD requirements apply to both entities?

The Insurance Distribution Directive (IDD), Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) Text with EEA relevance is an EU Directive which means it must be transposed into the law of each Member State. This is not always a consistent process and can result in a Directive being applied slightly differently between Member States. This Q&A is answered on the basis of how the IDD will be applied in the UK.

Article 10(2) of IDD, Directive (EU) 2016/97 is very wide and states: ‘Home Member States shall ensure that insurance and reinsurance intermediaries and employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries comply with continuing professional training’.

Accordingly, any party within Article 10 of IDD, Directive (EU) 2016/97 is subject to CPD.

Under the IDD, an ‘insurance intermediary’ is defined as any natural or legal person, other than an insurance or reinsurance undertaking or their employees and other than an ancillary insurance intermediary, who, for remuneration, takes up or pursues the activity of insurance distribution.

‘Insurance

Related documents:

Popular documents