On 11 July 2018 the European Insurance and Occupational Pensions Authority (“EIOPA”) published the first set of Q&As on the application of the Insurance Distribution Directive (IDD) and its implementing regulations. The first set of Q&As covers (i) Product Oversight and Governance arrangements and (ii) additional regulatory requirements for Insurance-based Investment Products.
The objective of the Q&As is to ensure the consistent and effective application of the regulation in the EEA. The Q&As have no binding force in law, nor are they subject to "comply or explain". However, according to the EIOPA, their application will be rigorously scrutinised and challenged by EIOPA and national supervisory authorities given their practical significance to achieve a level-playing field.
According to the EIOPA, it will continue to publish answers to further questions.