The following Advice is a response to a Request for Advice sent by the European Commission to CEIOPS on 27 January 2010. Recital 139, Solvency II Framework Directive requires the European Commission (“Commission”) to put forward “as soon as possible and in any event by the by the end of 2010” a proposal for the revision of the Insurance Mediation Directive (IMD)2, “taking into account the consequences of the Directive for policyholders.” To assist the Commission with drafting this proposal, the Commission requested that CEIOPS provide technical advice on the following seven issues:
• Legal framework of the IMD;
• Scope;
• International dimension of insurance intermediation;
• Professional requirements;
• Cross-border aspects of insurance intermediation;
• Management of conflicts of interest and transparency; and
• Reduction of administrative burden
In its Request for Advice, the Commission also stated that it would welcome some initial advice from CEIOPS by summer 2010. Unfortunately, it was not possible for CEIOPS to provide this initial advice to the Commission before summer 2010 due to the depth and complexity of the issues that had to be discussed, some of which were also of a very challenging nature.
© CEIOPS
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