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

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    BIS Discusses Role of Central Banks in Addressing Climate Change Risks

    BIS published a book that reviews ways of addressing the climate change risks within the financial stability mandate of central banks.

    January 19, 2020 WebPage Regulatory News
    News

    FSB Report Examines Global Nonbank Financial Intermediation Activity

    FSB published the ninth annual report examining the global non-bank financial intermediation activity.

    January 19, 2020 WebPage Regulatory News
    News

    OSFI Publishes Instruction Guide on Solvency Information Return

    OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI.

    January 17, 2020 WebPage Regulatory News
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4511