The Insurance Distribution Directive
("IDD") recasts the Insurance Mediation
Directive ("IMD I"). IDD must be
transposed into Irish law by 23 February 2018, at which point IMD I
will be repealed. IDD creates a minimum legislative framework
for the distribution of insurance and reinsurance products within
the EU and aims to facilitate market integration and enhance
consumer protection.
Who does IDD apply to?
IDD applies to all participants in the sale of insurance and
reinsurance products, which includes advising on these
products. The purpose of this broad scope is to redress the
imbalance between direct and intermediated sales, which existed
under IMD I. Entities such as travel agents, car rental companies
and price comparison websites are now included in its application,
which covers 98% of the insurance and reinsurance market.
