| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L76, 19.3.2018 |
| Publication Date | 19/03/2018 |
| Content Type | Legislation, Policy-making |
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Further information: The Commission agreed to act on the request from the European Parliament and Member States to extend the date from which Member States are to apply the laws until 1 October 2018, despite its view that the industry had already been given considerable time to adapt. Background information: Directive (EU) 2016/97 ('IDD') provides an updated harmonised legal framework for the distribution of insurance and reinsurance products, including insurance-based investment products, in the Internal Market. It entered into force on 23 February 2016 and Member States originally had until 23 February 2018 to transpose and apply its provisions. In September 2017, the Commission adopted two Delegated Regulations supplementing IDD with regard to product oversight and governance requirements for insurance undertakings and insurance distributors (POG Regulation) and to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products (IBIP Regulation). During the scrutiny period, the European Parliament pointed out that the industry might need more time to implement the technical and organisational changes required to comply with the Delegated Regulations. In its decisions to raise no objections to the Delegated Regulations, the European Parliament asked the Commission to adopt a legislative proposal setting up a date of application at 1 October 2018 but did not request an extension of the transposition date for Directive 2016/97. Sixteen Member States supported the European Parliament's proposal and further requested an extension of the transposition period until at least 1 October 2018. The European Commission adopted on 21 December 2017 a proposal to extend the deadline for transposition of Directive (EU) 2016/97 on insurance distribution. The Council of the European Union's Committee of Permanent Representatives endorsed this proposal on 14 February 2018. The European Parliament and the Council adopted a Directive authorising the extension on 14 March 2018. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2018.076.01.0028.01.ENG |
| Related Links |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
