Insurance Disribution Directive
The IDD is a recast of the existing Insurance Mediation Directive and is designed to ensure a level playing field across all participants selling insurance products.
Firms first need to understand their current level of compliance with IDD requirements. This is not a tick box exercise and will involve several areas of the business. It will be crucial to involve the business areas from the outset when carrying out the impact analysis of some of the requirements, such as customers’ demands and needs, POG and disclosure.
Firms will also need to keep a watching brief on more rules and guidelines from EIOPA and the FCA as the regime takes shape.