Clifford Chance
Near final: The Insurance Distribution Directive
3 September 2015
On 22 July 2015, the European Council published a press release confirming its approval through its Permanent Representatives Committee of the final compromise text for the revision of the existing Insurance Mediation Directive ("IMD"), now renamed the 'Insurance Distribution Directive' ("IDD").
The IDD has now been submitted to the European Parliament for a vote at first reading, before final consideration and adoption by the European Council. Member States will then have two years to transpose the IDD into national laws and regulations, with IDD related amendments to the FCA Handbook and PRA Rulebook expected in late 2017.
This briefing provides a background on the IDD and outlines the main changes for UK insurance distributors - insurance intermediaries, ancillary insurance intermediaries and insurance undertakings - and for reinsurance distributors – all new defined terms under the IDD.
The analysis in this briefing is based on the IDD final compromise text of 16 July 2015.
