1. Regulatory changes brought about by the IDD Directive and challenges posed by the regulatory changes

2. A deep history 1828 Speaker Marko Štajduhar dating back to
Executive Director, Willis Towers Watson d.d., Croatia
I was born in Zagreb, Croatia in 1975, where I finished my education and graduated at Faculty of Economics at University of Zagreb in 1998.
My career was mainly related to the financial sector, both banking and insurance:
present: CEO at Willis Towers Watson d.d. Croatia
Head of Sales at BNP Paribas Cardif Croatia
Director of Large and International Corporate Department at Societe Generale – Splitska Banka d.d.
Corporate Manager at Hypo -Alpe -Adria Bank d.d.
A deep history
dating back to
1828

3. Willis Towers Watson operations all around the world
Great Britain: 16%
Western Europe: 18%
North America: 36%
International: 30%
,000 employees
over 140 countries arround the world
$8.2 billion revenues

4. differences between distribution channels”
Insurance Distribution Directive (IDD) 2016/97
ROOTS
Roots in Directive 2002/92 / EC, which regulates the basic regulatory rules of business of agents and intermediaries for insurance products
(differences, registration, education)
Better customer protection – sales chanels regulation is upgraded – intermediaries, ancillary sales channels, aggregators (price comparation web sites)
Improve the competitive landscape of the European insurance industry
Empower cross-border business inside EU – regulates conditions for doing business in other EU countries
Setting up minimal harmonization of the insurance markets across the
EU – each EU country has to adopt local legislation in order to meet
requirment of the directive
AIMS
A deep history
dating back to
1828
„Consumers should benefit from the same level of protection despite the
differences between distribution channels”

5. Insurance Distribution Directive (IDD) 2016/97- Influence
The entry into force of the IDD will have a minor impact on the current operations of international brokers due to the fact that they already had to comply to their group policies which in general have a lot of similarities with IDD
Significant impact of this directive will be on local brokers since they have to implement new procedures in order to comply with IDD
A deep history
dating back to
1828
The improvements should be made in:
transparency of products („IPID”) procedures
transparency of conflict of interes policies and procedures
transparency of remuneration rules
IT infrastructure

6. Insurance Distribution Directive (IDD) 2016/97- Challenges
BROKER
Setting up policies reflecting transparency of business frame
- Conflict of interes
- Renumeration transparency
- TOBA
Ensure consistency and security of stored personal data
Set-up and operate internal processes to ensure fullfillment of policies
To unify the legal requerments for the establishment of insurance distribution company (agent vs. broker)
To harmonise Cross-laws (Differences inside local regulations)
eg. public procurement law vs. insurance law
To establish independent bodies responsible for out-of-court settlement of disputes
REGULATOR

7. Insurance Distribution Directive (IDD) 2016/97 - Closure
IDD has positive influence to whole insurance distribution business
Local regulatory changes are necessary to improve the competitivenes and equal position of all participants (distributors)
Significant investments into internal procedures and infrastructure
A deep history
dating back to
1828
Member States shall ensure that, when carrying out insurance distribution, insurance distributors always act honestly, fairly and professionally in accordance with the best interests of their customers.

8. Thank you for your attention !
Marko Stajduhar, CEO
+385(1)
Willis Towers Watson d.d.
Petrinjska 83 | Zagreb | Croatia