Presidency publishes IMD 2 compromise: The Presidency has published a compromise text of the second Insurance Mediation Directive (IMD 2), which it now refers to as the Insurance Distribution Directive. The main changes since the last compromise version include:
- stressing the requirement for relevant management, as well as sales persons, to have appropriate levels of competence and experience;
- allowing host Member States of branches to impose their own competence requirements;
- requiring insurers and product manufacturers to operate a product approval process for each new product; and
- removing the "connected contract" exemption and replacing it with a narrower exemption for ancillary travel and breakdown products.
(Source: Presidency Publishes IMD 2 Compromise)
Presidency publishes benchmark Regulation compromise: The Presidency has published a compromise text on the proposed Regulation on indices used as benchmarks. The text will be discussed at a meeting on 17 and 18 September.