What EU Insurance Distribution Directive 2016/97/EU - Insurance Intermediary Registration, Conduct of Business, and IBIPs requires
Directive (EU) 2016/97 of the European Parliament and of the Council on insurance distribution (IDD), in force from 1 October 2018, replaces the Insurance Mediation Directive 2002/92/EC. The IDD extends conduct of business requirements to all insurance distributors including direct sellers, insurance undertakings selling directly, and insurance intermediaries. Article 10 requires insurance intermediaries to register with their home Member State national competent authority. Article 17 establishes the general conduct of business principles: distributors must always act honestly, fairly, and professionally in accordance with the best interests of their customers. Articles 20-24 require the provision of standardised pre-sale information to customers including the Insurance Product Information Document (IPID) for non-life products. For insurance-based investment products (IBIPs) under Articles 25-30, the Directive imposes suitability and appropriateness assessment requirements analogous to MiFID II for investment products. Article 20 prohibits inducements that conflict with the customer's best interests. The IDD is supplemented by Commission Delegated Regulations on product oversight and governance (POG), the IPID format, and IBIP conduct of business requirements.
Pillar: Insurance & Risk · Authority: European Insurance and Occupational Pensions Authority (EIOPA); National Competent Authorities (NCAs); European Commission (DG FISMA) · Version: 1.0.0 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32016L0097
SHA-256 integrity: 87ce8b0a0afc8d229a879ad7cb9af7853ce7ad48f54c480033b02daf297fdabd
Primary Citations — 7 traced to source
- Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (IDD) - OJ L 26/19, 2.2.2016; in force 1 October 2018; replaces Insurance Mediation Directive 2002/92/EC
- IDD Article 10 - registration requirements: professional knowledge (Annex I, 15 CPD hours); professional indemnity insurance minimum EUR 1,500,380 per claim; financial capacity EUR 25,000
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