The Council adopted on 14 December 2015 a directive establishing new rules on insurance distribution, improving consumer protection for insurance products.
The directive seeks to:
The text recasts and repeals directive 2002/92/EC on insurance mediation. It clarifies a number of that directive's provisions.
Intermediaries play a central role in the distribution of insurance and reinsurance products. Agents, brokers and insurance undertakings can all be involved, though distribution varies from one member state to another.
More specifically, the new directive is aimed at:
In order to ensure consistency between financial sectors, the directive takes account of rules established for the securities industry under a directive and regulation on markets in financial instruments. Member states will not be prevented from applying more stringent consumer protection provisions, providing they are consistent with EU law.
The directive was adopted at first reading after an agreement was reached with the European Parliament on 30 June 2015. The Parliament approved the agreed text on 24 November.
It was adopted without discussion at a meeting of the Agriculture and Fisheries Council.
Member states will have two years to transpose the directive into national laws and regulations.