Michael Brandstetter, Austrian Insurance Association (VVO)

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Presentation transcript:

Michael Brandstetter, Austrian Insurance Association (VVO) Insurance distribution directive (IDD) and the austrian insurance market

Established 1899 in Vienna Membership(regular/associate): 129 (re) insurers Interest representation on national, European and international level Operational services and projects

Agenda Transposition Process in Austria Challenges Activities of VVO

Transposition process in Austria Ministry of Economy and Ministry of Finance for insurance companies relevant issues Implementation in Austrian Insurance Supervision Act, Trade Regulation Act and Broker Act … ? Delgated Acts implemented through national regulations First national activities still expected end of 2016

Agenda Transposition Process in Austria Challenges Activities of VVO

Scale of implementation Minimum harmonisation No „gold plating“ beyond Directive Already high level of consumer protection in Austria

Remuneration MS option Advantages and acceptance of existing structures by consumers No commission ban No disclosure of commision

Communication media Technical neutrality Possibility for extensive use of modern electronic communication

Implementation timeline Necessity of FAST implementation into national law! Complex internal implementation processes in insurance companies (e.g. IT-ressources, education of thousands of employees) (early) legal certainty PRIIPs experience: Postponement of implementation deadline?! L2+L3 reduce implementation time by 75%

General issues Free choice for customers to buy with or without advice („execution only“) Definition which products are not investment products (e.g. pension and risk products) Clear definition / separation of broker and agent instead of „intermediary“ Use of existing dispute settlement structures

Agenda Transposition Process in Austria Challenges Activities of VVO

IDD-Symposium of „Vienna Institute“ in September 2016

Activities of VVO (1/2) IDD-Symposium of „Vienna Institute“ in September 2016 Permanent update and briefing of members in VVO‘s internal committees Close dialogue with national authorities Participation in consulations of EIOPA (e.g. POG guidelines)

Activities of VVO (2/2) Insurance Europe CEE-Group Update of education programs of the Austrian Institute for Professional Insurance Education (BÖV) Relevant new content Organisational: 15h of continuing training / year

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