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Insurance Distribution Directive

Less than 6 months to get compliant

With less than six months to go before the Insurance Distributive Directive (the IDD) becomes applicable, the time seems right to shed a light on where the European insurance industry stands in getting ready to become IDD compliant by the deadline of 23 February 2018.

In most European countries, the sector is still awaiting the final
transposition text. The different competent authorities are almost all in the
process of drafting and consulting the sector. Nevertheless, our research
has shown that they are not all adopting the same approach and speed in
their efforts to finalise the transposition, leading to a potential discrepancy
in the expected transposition date throughout Europe.

Insurance Distribution Directive

IDD requirements

The same goes for the efforts ongoing within the insurance industry to
implement the diverse set of IDD requirements. We understand that
some countries and firms are moving ahead and have put in place large
implementation programs to analyse and identify gaps against the existing
regulation, and determine the impact on their businesses and the related
measures and actions to take. At the same time, in other countries,
the insurance sector has only just started to analyse and to define the
appropriate actions.

The impact of IDD

In the following pages we provide the results of an EMEA IDD analysis
performed just before the summer. We collected information on the IDD
transposition and expected challenges and impacts from a number of
EU countries as well as information on similar legislation in a selection
of third party countries. The information was collected through our
Deloitte network on an informal basis based on local market experience
and expertise. Our main conclusion is that the IDD is expected to have
a significant impact on the business strategy, and the (operational)
organisation of insurance companies and intermediaries. Firms that have
just started will need a structured implementation approach in order to
reach the deadline.

More information?

For more information on Insurance Distribution Directive please contact Remon Houweling via rehouweling@deloitte.nl / +31622905599 or Hassan Bettani via hbettani@deloitte.nl / +31682012360

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