The recast of the Insurance Mediation Directive (IMD 2) is coming to a conclusion with the adoption by the Council of the European Union of a new compromise on 28 October (the sixth since May 2014).
The Council has re-qualified the original proposal as the IDD 2, standing for Insurance Distribution Directive 2; one possible explanation for this wording change is to have a broader scope and to cover all channels of insurance distribution and not just intermediaries. Continue reading
In a response submitted to the European Commission on Tuesday 4 November, the Federation of European Risk Management Associations (FERMA) has called for renewal of the Insurance Block Exemption Regulation (IBER) for (re)insurance pools.
The Commission launched a consultation in August to begin its assessment whether the claimed benefits for the insurance market and customers of insurance pooling still justify the special treatment they receive from EU competition authorities. The Commission must provide a report to member states before 31 March 2016 with the objective of deciding on its renewal in 2017. Continue reading
FERMA has called for a cautious approach to any changes to the regulatory treatment of differences between EU national insurance contract laws to avoid jeopardising the market for large risks which is working well.
FERMA has made these comments today to the European Commission in its response to the final report by the Expert Group which has been considering whether differences in contract law between EU countries are an obstacle to the cross-border provision of insurance. Continue reading