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23 February 2016

European Commission welcomes entry into force of new insurance rules

The European Commission welcomes the entry into force of the Insurance Distribution Directive which aims to create a level playing field between insurance distributors across the European Union.

The IDD will guarantee that customers get the same standards of choice and service when buying insurance, regardless of the Member State in which the insurance was bought.

The Directive will ensure appropriate standards of transparency by setting out the necessary information to be provided to consumers before they sign up to an insurance contract.

There are also specific rules for the distribution of insurance-based investment products in order to give consumers comparable levels of protection when investing their savings.

Finally, it clarifies procedures for cross-border business and contains rules for the supervision and sanctioning of insurance distributors.

This Directive is part of a package of measures aimed at improving consumer protection. It updates previous legislation in the area (Insurance Mediation Directive, 2002) and complements other rules on the sale of investment products (MiFID II) and packaged retail and insurance-based investment products (PRIIPS).

Member States now have 24 months to transpose its provisions into national law.

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© European Commission

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