On behalf of the European Council, the EU ambassadors confirmed an agreement to delay the transposition deadline and application of the new rules on insurance distribution. In December 2017, EC had presented a proposal for a Directive of the European Parliament and of the Council amending Insurance Distribution Directive or IDD (Directive (EU) 2016/97); this amendment was about the date of application of the transposition measures of member states.
IDD is aimed at improving consumer protection for insurance products. It is currently due to apply from February 23, 2018 and member states have until then to transpose it into national laws and regulations. However, on the basis of the EC proposal, it has been agreed to postpone the transposition deadline to July 01, 2018 and the application date to October 01, 2018. The delay will enable the insurance industry to better prepare for the directive and for the changes necessary to comply with implementing rules. Member states will have more time to transpose the provisions of the directive.
Related Link: Press Release
Keywords: Europe, EU, Insurance, IDD, Application Date, European Council
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