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Background to the Insurance Distribution Directive

The European Union Insurance Distribution Directive ("IDD") is designed to make it easier for firms to trade cross-border, create a level playing field among all participants and strengthen policyholder protection. The Directive updates the 2002 Insurance Mediation Directive ("IMD"), which set out a framework for regulating EU insurance brokers, agents and other intermediaries. The overriding aim of the IDD is to ensure that all parties in the insurance distribution chain act professionally, honestly, fairly and in the best interests of their clients.

This article provides an overview of the IDD and the implications for parties involved in the insurance distribution chain.

Topics covered:
• Specific provisions.
• Transposition into UK law.
• Customer demands and needs - responsibilities of organisations and individuals selling insurance policies.