Latest issue - January 2017
Overview of the key regulatory changes impacting the financial services industry
- EIOPA’s technical advice on possible delegated acts concerning Insurance Distribution Directive
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Highlights in this issue
EIOPA’s technical advice on possible delegated acts concerning Insurance Distribution Directive (IDD)
On 1 February 2017, EIOPA published its final report on technical advice on possible delegated acts concerning the implementation of IDD.
A key take-away of the technical advice is EIOPA’s view on the term inducement. In line with that view, inducements would equally include payments to tied insurance intermediaries. The interpretation is based on the fact that these intermediaries are legally independent persons and no separate rules for tied intermediaries are foreseen under IDD.
The report was followed by a consultation paper on complex insurance-based investment products (IBIPs) that was published by EIOPA on 2 February 2017, responses to this consultation can be submitted until 28 April 2017. After receiving all responses to the consultation paper, EIOPA aims at establishing guidelines on IBIPs by 23 August 2017.
On 7 February 2017, EIOPA also published its final report on draft implementing technical standards (ITS) concerning a standardised presentation format for the Insurance Product Information Document (IPID) of the IDD. EIOPA will submit the draft ITS and impact assessment to the European Commission by 23 February 2017.
All these measures support the Commission’s objective of allowing sufficient time to adopt delegated acts and for market participants to comply with those delegated acts by the transposition deadline of 23 February 2018.
For more information also see our Regulatory Newsflash.
Regulatory Radar series
Regulatory Radar is a publication series focusing on regulation for the financial services industry. Each issue provides an update on the latest highlights in the financial services industry, followed by an overview of normative, consultative and informative documents issued for the financial services industry, credit institutions and investment firms, investment products and asset management, insurance, reinsurance and pensions.