09 October 2012

EIOPA: Report on Industry Training Standards emphasises diversity of national knowledge and ability requirements

Main messages are:

• Knowledge and ability requirements are generally a combination of academic and professional experience. In many Members States, the requirements for knowledge and ability are more stringent for insurance brokers than insurance agents.
• Requirement to update knowledge and ability requirements through continuous professional development (CPD) courses and responsibility for assessing knowledge and ability at national level varies considerably.
• Very little experience amongst national competent authorities with receiving applications for mutual recognition of knowledge and ability requirements.
• Basic sanctions for failure to possess adequate knowledge and ability are refusal to register intermediaries or withdrawal of their licence/authorisation.
• The Report falls within EIOPA’s remit regarding consumer protection and will be used as a starting point for further work envisaged for EIOPA under the proposed revision of the Insurance Mediation Directive.

Press release

Full report

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