Directive on insurance distribution
The first legislation to regulate the sale of insurance products, the Insurance Mediation Directive (Directive 2002/92/EC), dates from 2002. It was updated by a new directive (Directive 2016/97/EC) to cover insurance companies and other businesses that sell insurance, as opposed to only insurance agents and brokers. The new directive also introduces enhanced rules for the protection of consumers, in line with consumer protection rules recently adopted in other financial sectors.
- Commission original proposal
- Impact assessment:
- Protocol on cooperation between national authorities for exchanges of information and notifications under the insurance mediation directive.
- List of competent authorities responsible for ensuring the implementation of the insurance mediation directive and list of EU countries wishing to be notified by other countries’ competent authorities when (re)insurance intermediaries want to carry on business in their territory.
- Financial Services Action Plan on the need for a truly integrated retail market.
- Request for advice regarding the revision of the Insurance Mediation Directive (sent early 2010 to the Committee of European Insurance and Occupational Pensions Supervisors – CEIOPS).
- Public consultation (autumn 2010) to collect views from all stakeholders on how to address the main weaknesses in the current Directive.
- Public hearing on the revision of the Insurance Mediation Directive (December 2010 – Brussels):
- Study on the impact of revising the Insurance Mediation Directive by Price Waterhouse Coopers – Luxembourg (ETD/2007/IM/B2/51) – Final Report