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Insurance mediationA single insurance market requires that insurance intermediaries may conduct their activities throughout the EU and establish and provide services freely, in accordance with the principles of the Treaty. Insurance intermediaries are a vital link in the process of selling insurance products in the European Union. They also play a pivotal role in protecting the interests of insurance customers, primarily by offering them advice and assistance and by analysing their specific needs. Therefore they are a major element in the functioning of the single insurance market. The Financial Services Action Plan stresses the urgency of developing a truly integrated retail market in which the interests of consumers and service providers are properly protected. European Union has carried on a policy aimed at achieving an internal market for insurance intermediaries. A Directive has been adopted to set up a legal framework which ensures a high level of professionalism and competence among insurance intermediaries whilst guaranteeing a high level of protection of customers' interests. Recent developmentsThe deadline for the transposition of the Insurance Mediation Directive 2002/92/EC expired on 15th January 2005. To that date not all Member States had transposed it. The CEIOPS Insurance Intermediaries Working Group has prepared a Protocol concerning the co-operation between Supervisory Authorities of the EU/EEA Member States in the context of the Insurance Mediation Directive. The Co-operation Protocol sets out practical rules and arrangements for the co-operation between supervisors with regard to the regular exchange of information and the notification procedures foreseen in the Directive. After a public consultation period of three months, the Protocol was adopted by CEIOPS on 26 April 2006. The Protocol is based on the current “Siena Protocol” which lays down cooperation provisions with regard to non-life and life insurance directives. The Protocol focuses in particular on the registration process of insurance intermediaries, the data that should be included in the public register of insurance intermediaries in their Home Member State and the document to be used for the notification procedure for cross-border activities. The document also contains general provisions relating to the cooperation between competent authorities in order to ensure the application of the Directive. According to Article 6(2) of the Directive, Member States shall notify the Commission of their wish to receive notifications from other Member States' competent authorities regarding the intention of (re)insurance intermediaries to carry on business in their territory. This document therefore contains a list of the competent authorities designated to ensure the implementation of the Directive as well as information concerning Member States who wish to receive notifications and Member States who do not. Directives
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