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ARTICLE · 10 SEPTEMBER 2018

Insurance Regulatory Update, August 2018

Arthur Cox
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On 13 August, the Central Bank published a special edition of the Intermediary Times regarding implementation of and compliance with the IDD, which will take effect on 1 October 2018

IrelandInsurance
Arthur Cox
Arthur Cox
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Domestic News – August 2018

CENTRAL BANK PUBLISHES SPECIAL EDITION OF INTERMEDIARY TIMES ON THE INSURANCE DISTRIBUTION DIRECTIVE (IDD)

On 13 August, the Central Bank published a special edition of the Intermediary Times regarding implementation of and compliance with the IDD, which will take effect on 1 October 2018. In particular, the Central Bank encourages firms to consider if their activities fall within the definition of "insurance distribution" which is contained in the European Union (Insurance and Reinsurance) Distribution Regulations 2018 (IDR) and is more expansive than the definition of "insurance mediation" contained in the current Insurance Mediation Directive. This is particularly relevant for website comparison operators and ancillary insurance intermediaries whose activities may fall within the scope of the IDR and may be required to register with the Central Bank.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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