Featured Product

    EC Proposes to Amend Application Date of IDD and Related Regulations

    December 20, 2017

    EC proposed a Directive to amend the Insurance Distribution Directive, or IDD, (Directive 2016/97) with respect to the date of application of transposition measures of member states. EC also proposed a Commission Delegated Regulation to amend the dates of application of the Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359; the proposed amendments to the delegated regulations are intended to align the application dates of these regulations with the application date of IDD. The proposed Directive shall enter into force on the day of its publication in the Official Journal of the European Union. The proposed Commission Delegated Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. Comments are due by February 16, 2018.

    EC has proposed to push back the application date of the IDD by seven months to October 01, 2018. The European Parliament and 16 member states have requested this postponement. This is because it appears that some insurance distributors, especially smaller ones, are not yet fully ready for the new rules, despite the foreseen transposition period and the fact that the date of entry into application was well-known to stakeholders. The member states are still required to transpose IDD into national law by the original date, February 23, 2018. The IDD regulates the way insurance products are sold, including across borders. It sets out the information that consumers should receive before they sign an insurance contract, also imposing conduct of business and transparency rules on distributors. EC also adopted two Delegated Regulations—(EU) 2017/2358 and (EU) 2017/2359)—under the IDD in September 2017. These Delegated Regulations lay out the rules on product oversight and governance and on information requirements and conduct of business for the distribution of insurance-based investment products. EC has also proposed to postpone the application of two IDD Delegated Regulations, with the aim to align the date of application of the two amended Delegated Regulations to the new date of application of IDD. The European Parliament and the Council will need to agree on the new application date in an accelerated legislative procedure.


    Related Link: Proposed Amendment

    Comment Due Date: February 16, 2018

    Keywords: Europe, EU, Insurance, IDD, Application Date, EC

    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958