Insurance Distribution (IMD 2 / IDD)

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Presentation transcript:

Insurance Distribution (IMD 2 / IDD) Bucharest, 12 March 2015

Insurance Europe European insurance and reinsurance federation, Who? European insurance and reinsurance federation, founded in 1953 What? Represents around 95% of European insurance market by premium income Why? Committed to creation of favourable regulatory and supervisory framework for insurers at European and international level.

Setting the scene Review of the Insurance Mediation Directive Diversity of distribution channels Developments at EU & international level

Insurance distribution: overview EC regulatory approach Conduct of business, remuneration and cross-selling of life and non-life insurance (including insurance- based investment products) Includes direct sellers Investor protection incl. conduct of business, remuneration and cross-selling for investment products IMD2 MiFID2 Insurance distribution and disclosures PRIIPs Solv. II Pre-contractual disclosures for life and non-life insurance Cancellation right for life insurance Product disclosures for PRIIPs, including insurance-based investment products

Complex & confusing architecture Challenges: Transparency Consistency Information overload

Information overload

EU legislation applicable to the sale of insurance-based investment products Disclosure requirements (online sale by a broker) IMD1 (9) Sales rules Product disclosures Life directive (20) Distance marketing directive (29) E-commerce directive (17) Today: 75

EU legislation applicable to the sale of insurance-based investment products Sales rules +388% IMD2 (35) Disclosure requirements (online sale by a broker) PRIIPs regulation (27) Product disclosures: +330% IMD1 (9) Solvency II directive (39) Sales rules Product disclosures Life directive (20) Distance marketing directive (29) Distance marketing directive (29) E-commerce directive (17) E-commerce directive (17) Today: 75 Tomorrow: 147

IMD 2 / IDD: Key issues Conflicts of interest and disclosure of remuneration Cross-selling Advice

The way forward

For more information www.insuranceeurope.eu