Insurance Distribution Directive and its implications has been saved
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Insurance Distribution Directive and its implications
Insurance Distribution Directive (IDD) introduces enhanced rules for the protection of consumers, in line with consumer protection rules recently adopted in other financial sectors. The preparatory guidelines issued lately will ensure that during 2016 and 2017 supervisors will early engage with the Board and senior managers of market participants to make sure that in 2018 the Insurance Distribution Directive (IDD) product governance requirements are in place.
The first legislation to regulate the sale of insurance products dates from 2002. It has been updated in 2016 by a new Directive called the Insurance Distribution Directive (IDD) that covers insurance companies and other businesses that sell insurance, as opposed to only insurance agents and brokers. The Insurance Distribution Directive (IDD) introduces enhanced rules for the protection of consumers, in line with consumer protection rules recently adopted in other financial sectors.
In order to be on time, the authorities has issued preparatory guidelines on Product Oversight and Governance (POG) arrangements to be applied by insurers i.e. manufacturers of insurance products and distributors. These guidelines gives instruction and support for the implementation of POG requirements in preparation for formal requirements provided for the Insurance Distribution Directive (IDD). In this page, you will find two comprehensive documents giving at a glance insight and perspective on the POG, the Insurance Distribution Directive (IDD) and all its implications.
Preparing the formal requirements for the Insurance Distribution Directive
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