Commission consults on the review of the Insurance Mediation Directive
26 November 2010
The consultation is intended to cover all major issues relating to a fundamental review of the IMD, in particular those identified by the Commission, such as legal uncertainty due to diverging interpretations concerning exemptions from the IMD scope.
According to one of the surveys launched in connection with the implementation check, practice varies between Member States on the interpretation of the cumulative conditions of Article 1(2) regulating exemptions from the IMD's scope. In addition, the Commission services also launched a questionnaire which has focused on various distinctive areas of the IMD, such as the definition of a tied insurance intermediary, home Member State of intermediaries having the form of a legal person, registration of natural persons working for an intermediary, professional requirements for intermediaries, general good provisions and information requirements for insurance intermediaries. The outcome of this survey highlighted that, in all these areas, the application of the IMD varies considerably between Member States leading to problems with information requirements, legal certainty, professional requirements, management of conflicts of interests and transparency rules.
Deadline for comments is 31 January 2011.
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