The European Union adopted in January 2005 an Insurance Mediation Directive to set up a legal framework for insurance intermediaries. However, the European Commission (“EC”) highlights on the insurance mediation section of its website that “how the Directive is actually applied varies considerably between EU countries. This has lead to fragmented insurance markets in the EU, with significant gaps and inconsistencies.”
The update to the EC’s website is in relation to a public consultation, to be launched in Autumn 2010, to request the views of all stakeholders regarding what changes are required to the current Insurance Mediation Directive to remove its main weaknesses. The stated aim of the consultation is “to discuss the pros and cons of increased harmonisation, with the aim of establishing a real level playing field for all sellers of insurance products at EU level”.
The consultation will include a public hearing hosted by the EC on 10 December 2010 to discuss the revision of the Insurance Mediation Directive.
To view the European Commission’s insurance mediation website, please click here.