Insurance Distribution Directive: Proposal to postpone application date


ECON’s concern is that there will not be enough time for the insurance industry to implement the necessary technical and organizational changes to their daily course of business. One clear reason for the proposal are delays in the legislative process, in timely passing through two major delegated acts.

Insurance distribution processes will be heavily impacted by the IDD as it introduces new regulation of insurance brokers, agents and other intermediaries that are currently regulated by the 2002 Insurance Mediation Directive.

The insurance market responded positively. Michaela Koller (director general of trade body Insurance Europe) and Hugh Savill (Association of British Insurers) welcomed ECON's intervention.