On 26 February 2014, the European Parliament voted to adopt certain amendments to the draft revised Insurance Mediation Directive (IMD2). The Parliament did not vote on IMD2 as a whole (it is expected that a 'first-reading' agreement with the Council of Ministers may be sought in this regard). Amongst a number of other changes, the Parliament's adopted amendments include (a) introduction of a standard pre-contract product information document for customers (to include information on risks insured/excluded and means of payment/termination), (b) an effective ban the practice of tying products and (c) an alteration to levels of professional indemnity insurance for intermediaries (now proposed as a minimum of €1.25 million for each claim and an aggregate of €1.85 million per year for all claims).
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