1. Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September 2014, Hungary European Federation of Insurance Intermediaries

2. Established in Paris in 1937 Headquartered in Brussels since 1989 52 member associations in 32 countries Represents interests of intermediaries with European institutions Single voice of the profession at EU level www.bipar.eu The European Federation of Insurance and Financial Intermediaries A member of WFII (World Federation of Insurance Intermediaries)

3. Different actors on the international scene National Regulation 11th Insurance Professionals Conference - 22 September 2014, Hungary

4. Trade unions Press Consumer organizations Think tanks Different actors on the international scene Academics National associations Politicians Insurers, financial institutions Clients Market functioning Public opinion Intermediaries Reputation Supervisor/ regulator National Regulation National

5. Trade unions Press Consumer organizations Think tanks Different actors on the international scene Academics National associations Politicians Insurers, financial institutions Clients Market functioning Public opinion Intermediaries Reputation Supervisor/ regulator National Regulation National European BIPAR European Commission European Parliament ESAs: EBA, EIOPA, ESMA Council of the EU BEUC, UNI- Europa European Federations: UEAPME, Insurance Europe,...

6. Trade unions Press Consumer organizations Think tanks Different actors on the international scene Academics National associations Politicians Insurers, financial institutions Clients Market functioning Public opinion Intermediaries Reputation Supervisor/ regulator National Regulation National European FSB FATF IAIS G20 OECDWTO Basel Committee/ IOSCO IMF/World Bank International Federations BIPAR WFII International European Commission European Parliament ESAs: EBA, EIOPA, ESMA Council of the EU BEUC, UNI- Europa European Federations: UEAPME, Insurance Europe,...

7. Solvency II Professional qualifications E-Commerce Directive Anti-Money Laundering Collective redress Distance selling Data protection Consumer Rights Directive Overview of topics under discussion, revision, implementation in Europe, with a potential impact on intermediation PRIPs Assureurs, institutions financières Insurance Guarantee Schemes – Investor Compensation Schemes Sanctions UCITS IORP MiFID II IMD II Corporate governance Gender Equality ADR Insurance intermediaries Contract law VAT, (FAT), FTT, IPT Credit agreements relating to residential property Public procurement

8. Solvency II Professional qualifications E-Commerce Directive Anti-Money Laundering Collective redress Distance selling Data protection Consumer Rights Directive Overview of topics under discussion, revision, implementation in Europe, with a potential impact on intermediation PRIPs Assureurs, institutions financières Insurance Guarantee Schemes – Investor Compensation Schemes Sanctions + New regulatory instruments/ procedures/ESAs UCITS IORP MiFID II IMD II Corporate governance Gender Equality ADR Insurance intermediaries Contract law VAT, (FAT), FTT, IPT Credit agreements relating to residential property Public procurement

9. Some issues which may come on your board meetings agenda in the coming 3 years… because : it will be imposed by regulation or It will be part of your corporate culture or It will be part of your corporate governance or It will be imposed by your clients or It will just be part of business culture in general 11th Insurance Professionals Conference - 22 September 2014, Hungary

10. Intermediaries and insurers will be confronted with new rules for the distribution of insurance based investment products. For insurance based investment products new rules re pre-contractual information and product governance will become applicable MiFID II PRIPs IMD II IORP revision 11th Insurance Professionals Conference - 22 September 2014, Hungary

11. Intermediaries will be more transparent … About their status About their services About the (nature of) remuneration IMD II/OECD/IAIS/OECD 11th Insurance Professionals Conference - 22 September 2014, Hungary

12. Intermediaries will (continue and) manage and mitigate conflicts of interest DG Competition Sector inquiry IAIS insurance core principles IMD II (proposal) MIFID II 11th Insurance Professionals Conference - 22 September 2014, Hungary

13. New requirements related to training Training requirements Continuous professional requirements 11th Insurance Professionals Conference - 22 September 2014, Hungary

14. Intermediaries will continue and give attention to complaints handling and the management of alternative dispute resolution mechanisms. ADR Collective redress 11th Insurance Professionals Conference - 22 September 2014, Hungary

15. Anti-fraud and antimoney laundering rules and « supervision » will be reinforced FATF IAIS EU 11th Insurance Professionals Conference - 22 September 2014, Hungary

16. Intermediaries will continue and protect their data and the data of the client Cyberrisk Data Protection regulation 11th Insurance Professionals Conference - 22 September 2014, Hungary

17. Supervisory Authorities have new powers/mandates At national level At European level (EIOPA,EBA, ESMA) 11th Insurance Professionals Conference - 22 September 2014, Hungary

18. Intermediaries with binding authorities will have more obligations Solvency II : Article 49 Outsourcing - more requirements in terms of fit and proper - more (structured) information to insurer 11th Insurance Professionals Conference - 22 September 2014, Hungary

19. Intermediaries will continue and give attention to competition rules Block Exemption Regulation Pools 11th Insurance Professionals Conference - 22 September 2014, Hungary

20. Intermediaries will have more work in cases of multinational placements TMF IPT Quote : global insurance premium tax tool. Probably definition of FOS/ Foe in IMD II Increasing nr of countries change regulations 11th Insurance Professionals Conference - 22 September 2014, Hungary

21. Some other challenges for the industry: Image / reputation (as a sector) Age / experience/ expertise / succession Training Explaining our specificities Adapting to new businessmodels Ban on commissions in case of « independent investment advice » 11th Insurance Professionals Conference - 22 September 2014, Hungary

22. Trade unions Press Consumer organizations Think tanks Different actors on the international scene Academics National associations Politicians Insurers, financial institutions Clients Market functioning Public opinion Intermediaries Reputation Supervisor/ regulator National Regulation National European FSB FATF IAIS G20 OECDWTO Basel Committee/ IOSCO IMF/World Bank International Federations BIPAR WFII International European Commission European Parliament ESAs: EBA, EIOPA, ESMA Council of the EU BEUC, UNI- Europa European Federations: UEAPME, Insurance Europe,...

23. Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September 2014, Hungary European Federation of Insurance Intermediaries