On 30 June 2015, the Council presidency reached an agreement with the European Parliament on a draft directive establishing new improved rules on insurance distribution.
The directive will enable increased policyholder protection, enhance the quality of information provided to customers and establish improved conduct of business rules for the distributors of insurance.
The text repeals directive 2002/92/EC on insurance mediation, recasting it as a directive on insurance distribution. It seeks to improve retail insurance regulation in a manner that will facilitate market integration, and to establish the conditions necessary for fair competition between different types of distributors of insurance products. It also sets out to strengthen policyholder protection, in particular with regard to life insurance products with an investment element.
Intermediaries play a central role in the distribution of insurance and reinsurance products. Various types of persons and institutions distribute insurance products, such as agents, brokers and insurance undertakings. Application of directive 2002/92/EC has shown a number of provisions to require greater precision.(...)
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