European Parliament and Council approved the delay of the Insurance Distribution Directive has been saved
European Parliament and Council approved the delay of the Insurance Distribution Directive
Following the EU ambassador’s agreement to delay the transposition and implementation deadline of the Insurance Distribution Directive (IDD), the European Parliament voted on 1 March 2018, in favour of a delay.
Regulatory Newsflash | 15 March 2018
The position of the European Commission and Parliament was confirmed on March 9, 2018 when the Council formally adopted the Directive postponing the application date as well as extending the deadline given to member states to transpose the new rules into national laws and regulations.
The confirmed timeline for IDD is therefore the following:
- Deadline for transposition given to member states: 1 July 2018;
- Deadline for the sector to implement the IDD (application date): 1 October 2018.
The delay will apply retroactively from 23 February 2018.
This amending directive is still to be published in the Official Journal of the European Union and will enter into force on the day of its publication.