In December 2017, the European Commission issued a press release proposing to push back the application date of the Insurance Distribution Directive ((EU) 2016/97) ("IDD") by seven months until 1 October 2018. However, Member States were still required to transpose the IDD into national law by the original date of 23 February 2018.
On 14 February 2018, the Council of the European Union published a press release confirming that on the basis of the European Commission's proposal it has agreed to delay the transposition deadline of the IDD until 1 July 2018 and the application date to 1 October 2018.
The postponement will help the insurance industry to prepare for the changes that are necessary to comply with the implementing rules for the IDD. The delay will allow Member States more time to transpose the IDD's provisions into national law.
As the European Parliament and the Council of the European Union are not expected to adopt the proposed amending Directive before March 2018, it is expected that the delay will apply retrospectively from 23 February 18.
The Council of the European Union's press release can be accessed here.