The European Council has published two notes relating to the proposed directive to amend and replace the Insurance Mediation Directive (2002/92/EC) (IMD) (referred to as the Insurance Distribution Directive (IDD), the Second Insurance Mediation Directive (IMD2) or the recast IMD). The main note (http://data.consilium.europa.eu/doc/document/ST-10747-2015-INIT/en/pdf) sets out the final compromise text of the IDD.
The directive seeks to improve regulation in the retail insurance market in an efficient manner. It aims at ensuring a level playing field between all participants involved in the selling of insurance products and at strengthening policyholder protection.
The European Council also published on 16 July 2015 an “I” item note (http://data.consilium.europa.eu/doc/document/ST-10745-2015-INIT/en/pdf) setting out the negotiation background to the compromise text and inviting the Permanent Representatives Committee (Part 2) of the European Parliament to:
- Approve the final compromise text regarding IDD.
- Confirm that the Presidency of the European Council can indicate to the European Parliament that, should the European Parliament adopt its position at first reading as regards IDD (subject, if necessary, to revision of that text by the legal linguists of both institutions) then the European Council would approve the European Parliament’s position and the act shall be adopted in the wording which corresponds to the European Parliament’s position.