{"id":31755,"date":"2024-10-29T15:24:19","date_gmt":"2024-10-29T14:24:19","guid":{"rendered":"https:\/\/www.co2news.sk\/?p=31755"},"modified":"2024-11-05T17:22:02","modified_gmt":"2024-11-05T16:22:02","slug":"insurance-distribution-directive-2016-97","status":"publish","type":"post","link":"https:\/\/www.co2news.sk\/en\/2024\/10\/29\/insurance-distribution-directive-2016-97\/","title":{"rendered":"Directive (IDD) on the distribution of insurance 2016\/97"},"content":{"rendered":"<p>Directive of the European Parliament and of the Council (EU) <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/SK\/TXT\/?uri=CELEX%3A32016L0097\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">2016\/97<\/span><\/a> (IDD) Insurance Distribution Directive of 20 January 2016 on insurance distribution (revised text) Text with EEA relevance.<\/p>\n<p>IDD is\u00a0<strong>minimum harmonization directive<\/strong>\u00a0and its provisions are specified in two delegated regulations: Commission Delegated Regulation (EU) 2017\/2358 on product oversight requirements and product management and Commission Delegated Regulation (EU) 2017\/2359 on information requirements and business conduct rules.<\/p>\n<p>In August 2021, Delegated Regulation (EU) 2021\/1257 amending Delegated Regulation (EU) 2017\/2358 and (EU) 2017\/2359,\u00a0<strong>incorporated sustainability factors, risks and preferences<\/strong>\u00a0to product oversight and management requirements for insurance companies and insurance companies. distributors, as well as to business rules and investment advice for insurance-based investment products.<\/p>\n<p>This directive lays down rules for the distribution of insurance and reinsurance in the European Union with the aim of <strong>improve consumer protection<\/strong> a <strong>ensure equal conditions for all distributors<\/strong>, regardless of whether they sell products directly or through intermediaries.<\/p>\n<p>The directive applies to:<\/p>\n<ul>\n<li>insurance companies<\/li>\n<li>insurance intermediaries<\/li>\n<li>reinsurance intermediaries<\/li>\n<li>supplementary insurance intermediaries (with certain exceptions)<\/li>\n<\/ul>\n<p>and to all persons who provide information about insurance products and enable customers to conclude an insurance contract online.<\/p>\n<p>Directive <strong>does not include<\/strong> persons who provide only <strong>occasional advice<\/strong> on insurance in the framework of other professional activities.<\/p>\n<p><strong>Main points of the directive:<\/strong><\/p>\n<ul>\n<li><strong>Registration of intermediaries:<\/strong> Intermediaries must be entered in the register of the competent authority in the Member State in which they have their residence or registered office.<\/li>\n<li><strong>Freedom of establishment and provision of services:<\/strong> Intermediaries can operate throughout the EU on the basis of the principle of freedom of establishment and freedom to provide services.<\/li>\n<li><strong>Supervision:<\/strong> The home and host Member States cooperate in the supervision of intermediaries.<\/li>\n<li><strong>Professional knowledge and skills:<\/strong> Intermediaries must demonstrate sufficient professional knowledge and skills and undergo regular training.<\/li>\n<li><strong>Good reputation:<\/strong> Intermediaries must have a good reputation and a clean criminal record.<\/li>\n<li><strong>Liability insurance:<\/strong> Intermediaries must have liability insurance for damage caused in the performance of their profession.<\/li>\n<li><strong>Protection of customer funds:<\/strong> The directive introduces measures to protect customers&#039; funds from the incompetence of the intermediary.<\/li>\n<li><strong>Transparency of rewards:<\/strong> Referrals must provide information about their reward to customers.<\/li>\n<li><strong>Assessing customer needs:<\/strong> The sale of insurance must always be based on an assessment of the customer&#039;s needs.<\/li>\n<li><strong>Advice:<\/strong> If advice is provided, a personal recommendation must be presented to the customer.<\/li>\n<li><strong>Cross-selling:<\/strong> The directive regulates the rules of cross-selling in order to prevent disadvantageous practices for the customer.<\/li>\n<li><strong>Product supervision:<\/strong> Insurance companies must ensure that insurance products meet the needs of the target market.<\/li>\n<li><strong>Sanctions:<\/strong> Member States must establish effective, proportionate and dissuasive sanctions for infringements of the Directive.<\/li>\n<\/ul>\n<p>The directive aims to <strong>strengthen consumer protection<\/strong> a <strong>improve the functioning of the internal insurance market<\/strong>. It introduces stricter rules for intermediaries and insurance companies to ensure transparency and fairness in the sale of insurance products.<\/p>","protected":false},"excerpt":{"rendered":"<p>Directive (EU) 2016\/97 (IDD) of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) Text with EEA relevance. The IDD is a minimum harmonisation directive and its provisions are specified in two delegated regulations: Commission Delegated Regulation (EU) 2017\/2358 on product oversight and governance requirements and Commission Delegated Regulation [\u2026]<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[47],"tags":[],"class_list":["post-31755","post","type-post","status-publish","format-standard","hentry","category-esg_legislativa"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/31755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/comments?post=31755"}],"version-history":[{"count":0,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/31755\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/media?parent=31755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/categories?post=31755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/tags?post=31755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}