Insurance Distribution Directive (IDD): the MiFID of Insurance
On 20 January, 2016, the Council of the European Union issued Directive (EU) 2016/97, the Insurance Distribution Directive (IDD). Although aimed at minimum harmonization, the IDD fully recasts Directive 2002/92/EC, the Insurance Mediation Directive (IMD) (transposed into Greek legislation through Presidential Decree 190/2006). The IDD will be implemented by all EU Member States by 23 February, 2018.
Following the wave of other regulatory changes, such as MiFID II and PRIIPS Regulation, the IDD intends to strengthen consumer protection, improve the competitive landscape of the European insurance industry, and reduce cross-sectoral inconsistencies. However, the Directive is aimed at minimum harmonization and therefore does not preclude Member States from maintaining or introducing more stringent provisions, provided that these are consistent with the Directive.
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