As we have previously reported1, there has been much discussion over previous months about the proposal to delay the Insurance Distribution Directive. The IDD replaces the current Insurance Mediation Directive and seeks to strengthen policyholder protection, establish a fairer playing field for distributors of insurance products, and facilitate cross-border trade and market integration.
The original deadline for Member States to transpose and apply the IDD was 23 February 2018, but this was seen by many to be unrealistic, and so a delay was proposed to allow the insurance industry more time to prepare.
Following the European Parliament’s agreement to the delay and its adoption of the proposed Directive on 1 March 2018, the Council of the EU confirmed in a press release on 9 March 2018 that it has also adopted the proposed Directive ((EU) 2016/97) (IDD) and the transposition date and application date will be delayed until 1 July 2018 and 1 October 2018 respectively.
The legislative act will now be published in the Official Journal of the EU.
The Council of the EU’s press release can be found here: http://www.consilium.europa.eu/en/press/press-releases/2018/03/09/insurance-distribution-council-delays-application-of-new-rules/.