Featured Product

    EC Issues Regulations Supplementing Insurance Distribution Directive

    December 20, 2017

    EC published the Commission Delegated Regulations (EU) 2017/2358 and 2017/2359, which supplement the Insurance Distribution Directive (IDD: Directive (EU) 2016/97). Regulation (EU) 2017/2358 covers product oversight and governance requirements for insurance undertakings and insurance distributors while Regulation (EU) 2017/2359 covers information requirements and conduct of business rules applicable to the distribution of insurance-based investment products (IBIPs). Both the regulations shall enter into force on the twentieth day following that of their publication in the Official Journal of the European Union and shall apply from February 23, 2018.

    IDD provides for a set of standards aimed at addressing IBIPs, in addition to the conduct of business standards laid down for all insurance products. CDR 2017/2358 lays down rules for the maintenance, operation, and review of product oversight and governance arrangements for insurance products; it also sets out rules for significant adaptations to the existing insurance products, before those products are brought to the market or distributed to customers (product approval process), in addition to the rules for product distribution arrangements for those insurance products. This regulation shall apply to insurance undertakings and to insurance intermediaries that manufacture insurance products that are offered for sale to customers (manufacturers) as well as to insurance distributors that advise on, or propose, insurance products that they do not manufacture.

    CDR 2017/2359 shall apply to insurance distribution in relation to the sale of IBIPs carried out by insurance intermediaries or insurance undertakings. To ensure an appropriate standard of advice with regard to the long-term development of the product, insurance intermediaries or insurance undertakings should include, in the suitability statement, and draw customer attention to, information on whether the recommended IBIPs are likely to require the customer to seek a periodic review of their arrangement. To allow competent authorities and insurance professionals to adapt to the new requirements contained in Regulations 2017/2358 and 2017/2359, the starting date of application of the regulations should be aligned with the entry into application of the national measures transposing IDD. 

     

    Related Links

    Effective Date: January 09, 2018

    Keywords: Europe, EU, Insurance, IDD, CDR 2017/2358, CDR 2017/2359, IBIP, EC

    Related Articles
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS Collaborates on Research Platform to Support Fintech Investments

    MAS, Deloitte, and S&P Global Market Intelligence have collaborated to develop a prototype for an industry-wide Fintech Research Platform to help investors and financial institutions connect with fintech start-ups that they can partner with or invest in.

    November 12, 2019 WebPage Regulatory News
    News

    MAS and CSA Sign Agreement to Strengthen Collaboration in Fintech

    MAS and eight members of the Canadian Securities Administrators (CSA) signed a cooperation agreement to strengthen collaboration in fintech between Singapore and CSA’s member jurisdictions.

    November 12, 2019 WebPage Regulatory News
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: First Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Report Examines Progress in Addressing Nonperforming Loans in EU

    EBA published a report that examines the progress toward addressing the nonperforming loan (NPL) issue in Europe.

    November 08, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4131