Insurance Distribution Directive (4) Delay in implementation 

YOUR COMPLIANCE MATTERS –   Insurance Distribution Directive (4)

• Delay in implementation

   

  Relevance:                   All firms.

   

  Action required:           None at this stage, information only

   

   

  We are pleased to let you know that agreement has been signalled that the implementation date for the Insurance Mediation Directive will be delayed.

   

  The EU Commission has confirmed that the European Parliament and Council have both agreed to delay the application of the Insurance Distribution Directive (IDD) until 1 October 2018. (With the national implementing law required by 1 July 2018).

   

  We will continue to work with you, through to implementation date, to ensure that you are able to comply. Much work has already been undertaken to update client ‘Terms of Business’ documents and we are aware that many insurers have already provided Insurance Product Information Documents’ (IPIDs), which replace current Summaries of Cover. We cab see no reason to delay implementing both documents as they create no disadvantage to you.

   

  We can expect to see more clarity as we move forward. We will continue to keep you updated.