{"id":17835,"date":"2022-09-18T14:23:03","date_gmt":"2022-09-18T14:23:03","guid":{"rendered":"http:\/\/legalblog.ie\/?p=17835"},"modified":"2022-09-25T13:59:53","modified_gmt":"2022-09-25T13:59:53","slug":"insurance-distribution","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/insurance-distribution\/","title":{"rendered":"Insurance Distribution [EU]"},"content":{"rendered":"<p>Insurance distribution \u2014 new rules from 2018<\/p>\n<p>Directive 2016\/97 \u2014 insurance distribution rules<\/p>\n<p>It aims to improve the way insurance products are sold so that they will bring real benefits to consumers and retail investors in the EU.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/insurance-distribution\/#Key_Points\" title=\"Key Points\">Key Points<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/insurance-distribution\/#Context\" title=\"Context\">Context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/insurance-distribution\/#MAIN_DOCUMENT\" title=\"MAIN DOCUMENT\">MAIN DOCUMENT<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Key_Points\"><\/span>Key Points<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Under the new directive on insurance distribution*, consumers and retail investors buying insurance products or insurance-based investment products will benefit from:<br \/>\ngreater transparency of insurance distributors in regard to the price and the costs of their products, so that it is clear to consumers what they are paying for;<br \/>\nbetter and more comprehensible information, so that consumers can take more informed decisions, with a simple, standardised Insurance Product Information Document (IPID) for non-life insurance products;<br \/>\nwhere insurance products are offered in a package with another good or service, for example when a new car is sold at a bargain price together with motor insurance, consumers will have the choice to buy the main good or service without the insurance policy;<br \/>\nrules on transparency and business conduct to prevent consumers from buying products that do not meet their needs.<\/p>\n<p>These rules now also apply when a product is bought directly from an insurance company, and not only (as in the past) when products are bought via intermediaries such as agents or brokers.<br \/>\nThere are stronger safeguards for the sale of life insurance products with investment elements, such as unit-linked life insurance contracts. Insurance distributors selling such products have to make sure that the product is suitable with regard to the customer&#8217;s financial situation, investment objectives and experience in the investment field.<\/p>\n<p>Insurance distributors will benefit from fair competition on a level playing field and an improved legal framework for cross-border business.<br \/>\nThe directive recasts and replaces Directive 2002\/92\/EC on insurance mediation with effect from 23 February 2018.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Context\"><\/span>Context<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It applies from 22 February 2016. EU countries have to incorporate it into national law by 23 February 2018.<\/p>\n<p>For more information, see:<\/p>\n<p>\u2018Distribution of insurance products and after-sale activities\u2019 on the European Commission\u2019s website<br \/>\nKEY TERMS<\/p>\n<p>Insurance distribution: to sell, propose to sell, advise on or carry out other work before concluding an insurance contract including dealing with claims after an insurance event.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MAIN_DOCUMENT\"><\/span>MAIN DOCUMENT<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Directive (EU) 2016\/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (OJ L 26, 2.2.2016, pp. 19-59)<\/p>\n<p>RELATED ACTS<\/p>\n<p>Directive 2002\/92\/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (OJ L 9, 15.1.2003, pp. 3-10)<\/p>\n<p>Successive amendments to Directive 2002\/92\/EC have been incorporated in the original text. This consolidated version is of documentary value only.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-17835\" data-postid=\"17835\" class=\"themify_builder_content themify_builder_content-17835 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Insurance distribution \u2014 new rules from 2018 Directive 2016\/97 \u2014 insurance distribution rules It aims to improve the way insurance products are sold so that they will bring real benefits to consumers and retail investors in the EU. Key Points Under the new directive on insurance distribution*, consumers and retail investors buying insurance products or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[128,131],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17835"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=17835"}],"version-history":[{"count":2,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17835\/revisions"}],"predecessor-version":[{"id":18350,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17835\/revisions\/18350"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=17835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=17835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=17835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}