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Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on insurance mediation (recast)

Abstract

The revised Directive (IMD2) seeks to improve regulation in the retail insurance market in an efficient manner. It aims at ensuring a level playing field between all
participants involved in the selling of insurance products and at strengthening policyholder protection. The overarching objectives of the current review are undistorted competition, consumer protection and market integration. In concrete terms, the IMD2 project should achieve the following improvements: expand the scope of application of
IMD1 to all distribution channels (e.g. direct writers, car rentals, etc.); identify, manage and mitigate conflicts of interest; raise the level of harmonisation of
administrative sanctions and measures for breach of key provisions of the current Directive; enhance the suitability and objectiveness of advice; ensure sellers'
professional qualifications match the complexity of products sold; simplify and approximate the procedure for cross-border entry to insurance markets across the
EU.

NB: The law has not changed, however, if you are an interested party to this sector, it is worth having a read.

Process

Commission Status

03/07/2012 Proposal Adopted by European Commission
Next Action: A copy of the proposal will be sent to the European Parliament and Council

EU Parliament Status

03/07/2012 Received from Commission
Next Action: Will be allocated to relevant Parliamentary Committee(s)

Council Status

03/07/2012 Received from Commission
Next Action: It will be allocated to a committee for discussion

Additional Comments

None

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