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ARTICLE · 11 DECEMBER 2017

Insurance Distribution Directive Update

Dillon Eustace
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The Directive on insurance distribution (EU) 2016/97 is designed to improve EU regulation in the insurance market by ensuring a level playing field among all participants that sell insurance products...

IrelandInsurance
Dillon Eustace
Dillon Eustace
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The Directive on insurance distribution (EU) 2016/97 (the "Insurance Distribution Directive" or "IDD") is designed to improve European Union regulation in the insurance market by ensuring a level playing field among all participants that sell insurance products, to strengthen policyholder protection and to make it easier for firms to trade cross-border. The IDD repealed and replaced the Insurance Mediation Directive 2002/92/EC, with Member States being required to comply with the IDD by 23 February 2018.

In October 2017, the European Parliament's Committee on Economic and Monetary Affairs ("ECON") issued a recommendation that the European Commission should adopt a legislative proposal to postpone the application date of the IDD to 1 October 2018. This recommendation has been generally welcomed by bodies such as Insurance Europe.

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