| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2012) 360 final (3.7.12) |
| Publication Date | 03/07/2012 |
| Content Type | Policy-making |
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Directive 2002/92/EC of the European Parliament and the Council on insurance mediation (IMD1) is the only EU legislation which regulates the point of sale of insurance products so as to ensure the rights of the consumer. It was adopted on 9 December 2002 and had to be transposed by Member States by 15 January 2005. The Directive is a minimum harmonisation instrument containing high level principles and has been implemented in the 27 Member States in substantially different ways. The need to review IMD1 was already acknowledged during the implementation check carried out by the Commission in 2005-2008. The revised Directive (IMD2) seeks to improve regulation in the retail insurance market in an efficient manner. It aims at ensuring a level playing field between all participants involved in the selling of insurance products and at strengthening policyholder protection. The current proposal is tabled for adoption as part of a 'Consumer Retail Package' together with the PRIPs proposal on investment products' disclosures and UCITS V. The PRIPs initiative aims at ensuring a coherent horizontal approach to product disclosure with regard to investment products and insurance products with investment elements, and provisions on selling practices will be included in the revisions of the IMD1 and MiFID. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2012:0360:FIN:EN:PDF |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
