The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published a letter that it has received from the European Commission concerning a request for advice on the revision of the Insurance Mediation Directive (IMD).
The Solvency II Directive requires the Commission to put forward a proposal for the revision of the IMD, taking into account the consequences of this Directive for policy holders.
The Commission has asked CEIOPS to provide technical advice on the following:
- The legal framework of the revised IMD (which the Commission refers to as "IMD 2").
- The scope of IMD 2. The Commission believes that it should guarantee a real level playing field between all those involved in the selling of insurance products.
- International dimension of insurance mediation. The Commission wants to receive advice on ways to improve legal certainty as regards the services offered by insurance intermediaries.
- Professional requirements. The Commission is seeking advice on the extent to which IMD 2 could further harmonise the professional requirements placed on insurance intermediaries and those involved in the selling of insurance products.
- Cross-border aspects of insurance mediation. The Commission calls on CEIOPS to develop concrete proposals on ways to improve the current notification system.
- Management of conflicts of interest and transparency. The Commission calls on CEIOPS to provide advice on the adoption of clear conflicts of interest and transparency rules regulating the distribution of investments packaged as life insurance policies.
- Reduction of administrative burdens. The Commission calls on CEIOPS to provide suggestions on possible ways to reduce the administrative burden caused by the implementation of IMD 2.
View Request for advice regarding the revision of the Insurance Mediation Directive, 27 January 2010