Abstract

This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD – e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences – while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.

Highlights

  • The Insurance Distribution Directive (IDD1) came into force on 22 February 2016 and repealed the Insurance Mediation Directive (IMD2)

  • The requirements set by the IDD for life insurance products require a minimum necessary knowledge of insurance-based investment products (IBIPs), of the various financial risks, of the life policies and of the organisation and benefits guaranteed by the various investments products

  • The IDD does not provide for a definition of an “employee of an insurance undertaking”, nor does it include an indication of how this term should be interpreted; it does not point out to any reference to a national legislation

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Summary

Introduction

The Insurance Distribution Directive (IDD1) came into force on 22 February 2016 and repealed the Insurance Mediation Directive (IMD2). The PPRs have set stringent rules as to how these types of policies may be designed, marketed128 and sold to low-income earners in South Africa. The IDD should have been implemented by Member States on 23 February 2018, but the implementation date was, delayed until 1 July 2018, with the date of application being 1 October 2018, from which date the IMD was repealed.. The IDD should have been implemented by Member States on 23 February 2018, but the implementation date was, delayed until 1 July 2018, with the date of application being 1 October 2018, from which date the IMD was repealed.4 It appears, from the proposal for the IDD, that the objective of the revision to the IMD was designed to ensure consistency of terms between all participants involved in the sale of insurance products and to increase customer protection. The general objectives were described as being ensuring a level playing field, protection of customers and market integration.

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