A Brief Update On The Implementation Of The Insurance Distribution Directive In Norway

With the new Insurance Distribution Directive (IDD) the EU seeks to further harmonise rules on the sale of insurance in the single market. The directive creates a common framework for all types of insurance sales and has been implemented throughout most of Europe. Norway is lagging behind, but its implementation should be expected in the near future.

What is the Insurance Distribution Directive?

Directive (EU) 2016/97, the Insurance Distribution Directive (IDD), repeals and replaces the former Directive 2002/92/EC, the insurance Mediation Directive (IMD).

The purpose of the new directive is twofold. It seeks to further harmonise the rules on insurance while also increasing foreseeability and protection for the consumer. This is achieved by ensuring the same level of protection regardless of who sells the insurance. However, the IDD is a minimum harmonisation directive, meaning states can choose more stringent rules.