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

09 October 2012

The European Insurance and Occupational Pensions Authority published a Report on Industry Training Standards. The Report is part of EIOPA's activities in the area of consumer protection, and is related to the task of developing training standards for the industry.

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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