Publication Of Proposed Text Of Insurance Mediation Directive II

Author:Ms Sharon Daly, Darren Maher and Helen Noble
Profession:Matheson Ormsby Prentice
 
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The forthcoming implementation of the Solvency II Directive is one of the main drivers for the review of IMD I.  In addition, IMD I is implemented differently across EU Member States such that: EU insurance markets are fragmented; there are significant inconsistencies, in particular regarding the information requirements imposed on sellers of insurance products; and customers are more likely to misunderstand the risks, costs and features of insurance products. IMD II extends the scope of IMD I to apply to those selling insurance products, including insurance companies that sell directly to customers.  A number of new rules have been proposed that address the risk of conflicts of interest, including a mandate for intermediaries to disclose the nature and structure of their remuneration.  There are also a number of improved...

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