FCA Publishes Insurance Distribution Directive Consultation
The Insurance Mediation Directive (IMD) was introduced in early 2005 and was designed to encourage competition between insurance firms, as well as ensure appropriate levels of protection for customers, across the EU. The IDD aims to strengthen and consolidate the existing rules of IMD.
The IDD, with which the
The consultation paper covers the
* professional and organisational requirements
* complaints handling and out-of-court redress
* professional indemnity insurance (PII)
* changes to conduct of business rules (for non-investment insurance contracts)
* the regulatory regime for ancillary insurance intermediaries
The IDD will apply more broadly than the IMD and bring consumer protection rules in line with those in other financial markets.
"This directive is a significant piece of legislation with implications for the insurance industry as a whole. Many of the changes extend
"As well as encouraging competition between insurance intermediaries, this directive will continue to ensure protection for insurance customers."
The second consultation paper will be published later this year and will include matters such as those IDD requirements which are yet to be adopted by the
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