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Posted in European Union, Regulatory and legislative updates

‘The new Insurance Distribution Directive: changes to the regulation of insurance intermediaries in the EU


The new Insurance Distribution Directive, which came into force con 22 February 2016 and updates the 2002 Insurance Mediation Directive, sets out a framework for regulating EU insurance brokers, agents and other intermediaries. The key elements of the new Directive, which shall be transposed into national laws and regulations in a two-year term, ¬†are (i) extending the scope to cover all sales of insurance products; (ii) identifying, managing and mitigating conflicts of interest; (iii) strengthening administrative sanctions; (iv) enhancing the suitability and objectiveness of insurance advice; (v) ensuring that sellers’ professional qualifications match the complexity of the products they sell; and (vi) clarifying the procedure for cross-border market entry.

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