The Insurance Distribution Directive 2016/97 ("IDD")
regulates the way in which insurance products are designed and sold
across the EU. IDD was transposed into Irish law by the European
Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of
2018).
In January 2022 the European Insurance and Occupational Pensions
Authority ("EIOPA") published a report on the application
of the IDD and its impact on the EU insurance market.
While IDD came into operation in October 2018, EIOPA notes that
in some Member States its transposition was delayed and this makes
it difficult to draw robust conclusions at this early stage.
Additionally, the EIOPA report highlights factors such as COVID-19
and digitalisation as having affected the market and therefore they
plan to reassess the impact of IDD in two years' time before
proposing any major changes to the current legal framework.
