On 4 October, Insurance Europe issued a press release on EIOPA's draft technical advice on possible delegated acts for the Insurance Distribution Directive (IDD).
Insurance Europe stated that in respect of product oversight and governance, consumers should be free to purchase insurance products even though they fall outside their pre-set market. Insurance Europe also commented that the IDD rules on conflicts of interest need to take into account the insurance specific characteristics of insurance-based investments products, and that commission based remuneration should not, of itself, be viewed as a conflict of interest.
William Vidonja, head of conduct of business at Insurance Europe stated "It is extremely important that the overall process for finalising the delegated acts is completed as soon as possible. Many of the requirements will require significant changes to current business models and organisational structures, which will take time and significant costs to implement. Companies must therefore be left with sufficient time after the final level 2 delegated acts are confirmed to effectively prepare and implement the new rules, while minimising additional and unnecessary costs."
A link to the press release can be found here.