1. BILA lunchtime lecture - Friday 16 th November 2012 Chairman: Michael Mendelowitz

2. The European Commission’s proposal for a recast Insurance Mediation Directive Jonathan Foster

4.  Context  Factors driving review  Commission action  Remuneration  Legal form and structure  Content: Changes  Questions / discussion

5.  Implementation check outcome  2008 Financial crisis  G20 and consumer protection  Solvency II level 2

6.  Request for advice to CEIOPS, Q1 2010  Commission public consultation, Q4, 2010  Commission Public hearing, Q4 2010  Speech by Sharon Bowles, MEP, Chair, ECON  Speech By Michel Barnier, Commissioner for Internal Markets and Services (DG Markt)

7. http://ec.europa.eu/internal_market/insurance/consum er/mediation/index_en.htm#maincontentSec3

8.  Remuneration, transparency and conflicts of interest post 2008  Single market directive provisions

9.  Legislative basis  A recast directive (consolidation and amendment)  Post-Lisbon, post Lamfalussy  Delegation to the Commission  ESAs: binding technical standards and guidelines

10. http://eur-lex.europa.eu/LexUriServ/ LexUriServ.do?uri=COM:2012:0360:FIN:EN:PDF

11.  Not maximum harmonisation  Not Lamfalussy; but  Commission: delegated acts  Adequate knowledge and ability  Conflicts of interest  Customers’ best interests and suitability  EIOPA  Guidelines supervision of bundling  Guidelines sanctions  Binding Technical Standards on breaches reporting

12. Scope (Article 1) and Definitions (Article 2)

13. Definitions (Article 2)

14. Declaration procedure

15. Organisational measures: CPD, general good rules http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2000:0 43:0005:0027:EN:PDF

16. Conduct of business rules:  best interests;  fair clear and not misleading

17. General remuneration provision

18. Additional consumer protection for insurance investment products

19. Article 24 1. Repeats requirement to act honestly, fairly and professionally in accordance with the best interests of its customers 5. If advice is given on an independent basis the intermediary cannot accept or receive fees, commissions or any monetary benefits paid or provided by any third party... in relation to the provision of the service to customers. Additional consumer protection for insurance investment products

21. The European Commission’s proposal for a recast Insurance Mediation Directive Jonathan Foster

22. BILA would like to give their thanks to Jonathan Foster for his talk today. Next lecture December 7th