EIOPA launched a survey to gather data from stakeholders for work on developing questions and answers (Q&A) on the insurance distribution activities by insurance distributors, focusing on issues of interpretation or application of the Insurance Distribution Directive (IDD) and its implementing measures. The Q&A will have no binding force in law and will not be subject to a "comply or explain" process. However, their application will be rigorously scrutinized and challenged by EIOPA and national competent authorities, given their practical significance to achieve a level playing field.
EIOPA has already received some questions from individual stakeholders on the IDD and its implementing measures; it is very likely that issues regarding the consistent application of IDD and the need for co-ordination between national competent authorities will continue to emerge, before and after IDD is transposed into national laws. To facilitate its preparatory work, EIOPA would like to collect questions from external stakeholders to build up a suitable evidence base for its work. The intention is to gather and group questions and run these through a filtering process, at the end of which the Q&A may be produced and published. Therefore, there is no guarantee each submitted question will receive a published answer, as questions submitted will first need to be carefully analyzed and assessed by EIOPA and national competent authorities. EIOPA invites stakeholders to participate in this survey and to comment on the questions raised by close of business on October 11, 2017. EIOPA's work on gathering questions for its Q&A work will be an iterative process.
IDD (EU Directive 2016/97) came into force on February 23, 2016 and must be implemented into national laws by February 23, 2018. To facilitate the implementation of IDD, EC adopted implementing measures in the form of two draft Delegated Regulations on September 21, 2017. The two Delegated Regulations cover product oversight and governance requirements for insurance undertakings and insurance distributors and information requirements and conduct of business rules applicable to the distribution of insurance-based investment products.
Keywords: Europe, EU, Insurance, IDD, Q&A, Insurance Based Investment Products, Survey, EIOPA
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