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

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

3. Agenda
Transposition Process in Austria
Challenges
Activities of VVO

4. 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

5. Agenda
Transposition Process in Austria
Challenges
Activities of VVO

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

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

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

9. 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%

10. 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

11. Agenda
Transposition Process in Austria
Challenges
Activities of VVO

12. IDD-Symposium of „Vienna Institute“ in September 2016

13. 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)

14. 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