On 11 November 2010, CEIOPS submitted its advice to the European Commission relating to the revision of the Insurance Mediation Directive. In its advice, CEIOPS issued 39 recommendations, focusing on 7 key issues, as follows: (1) legal framework; (2) scope; (3) international dimension of insurance mediation; (4) professional requirements; (5) cross-border aspects of insurance mediation; (6) consumer protection; and (7) reduction of the administrative burden.
More recently, on 26 November 2010, the European Commission issued a consultation paper on the review of the Insurance Mediation Directive. The consultation paper highlights a number of key areas for consideration, including (1) the differing level and quality of information required to be provided to consumers in different Member States, (2) the need for clarity in the Directive regarding conflicts of interest and transparency rules, and (3) the need for legal certainty regarding the scope of the Directive. Comments are invited from interested parties until 31 January 2011.