Insurance Distribution (IMD 2 / IDD)

Bucharest, 12 March 2015

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Insurance Europe

Who?

What?

Why?

European insurance and reinsurance federation, founded in 1953

Represents around 95% of European insurance market by premium income

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

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Investor protection

incl. conduct of business, remuneration

and cross-selling for investment products

Product disclosures for PRIIPs, including

insurance-based investment products

Conduct of business, remuneration and cross-selling of life and non-life insurance (including insurance-based investment products)

Includes direct sellers

Insurance

distribution

and

disclosures

EC regulatory approach

Insurance distribution: overview

Pre-contractual disclosures for life and non-life insurance

Cancellation right for life insurance

Challenges:

Complex & confusing architecture

Transparency

Consistency

Information overload

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Information overload

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E-commerce directive (17)

Distance marketing directive (29)

Life directive (20)

IMD1 (9)

Product disclosures

Sales rules

Today: 75

EU legislation applicable to the sale of insurance-based

investment products

Disclosure requirements(online sale by a broker)

Disclosure requirements(online sale by a broker)

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E-commerce directive (17)

Distance marketing directive (29)

Solvency II directive (39)

PRIIPs regulation (27)

E-commerce directive (17)

Distance marketing directive (29)

Life directive (20)

IMD1 (9)

Product disclosures

Sales rules

Sales rules

+388%

Product disclosures:

+330%

Today: 75 Tomorrow: 147

IMD2 (35)

EU legislation applicable to the sale of insurance-based

investment products

Disclosure requirements(online sale by a broker)

Disclosure requirements(online sale by a broker)

IMD 2 / IDD: Key issues

Conflicts of interest and disclosure of remuneration

Cross-selling

Advice

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The way forward

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For more information

www.insuranceeurope.eu