1. Insurance Distribution (IMD 2 / IDD)
Bucharest, 12 March 2015

2. Insurance Europe European insurance and reinsurance federation,
Who?
European insurance and reinsurance federation,
founded in 1953
What?
Represents around 95% of European insurance market by premium income
Why?
Committed to creation of favourable regulatory and supervisory framework for insurers at European and international level.

3. Setting the scene Review of the Insurance Mediation Directive
Diversity of distribution channels
Developments at EU & international level

4. Insurance distribution: overview
EC regulatory approach
Conduct of business, remuneration and cross-selling of life and non-life insurance (including insurance- based investment products)
Includes direct sellers
Investor protection
incl. conduct of business, remuneration and cross-selling for investment products
IMD2
MiFID2
Insurance distribution
and
disclosures
PRIIPs
Solv. II
Pre-contractual disclosures for life and non-life insurance
Cancellation right for life insurance
Product disclosures for PRIIPs, including insurance-based investment products

5. Complex & confusing architecture
Challenges:
Transparency
Consistency
Information overload

6. Information overload

7. EU legislation applicable to the sale of insurance-based investment products
Disclosure requirements
(online sale by a broker)
IMD1 (9)
Sales rules
Product disclosures
Life directive (20)
Distance marketing directive (29)
E-commerce directive (17)
Today: 75

8. EU legislation applicable to the sale of insurance-based investment products
Sales rules
+388%
IMD2 (35)
Disclosure requirements
(online sale by a broker)
PRIIPs regulation (27)
Product disclosures:
+330%
IMD1 (9)
Solvency II directive (39)
Sales rules
Product disclosures
Life directive (20)
Distance marketing directive (29)
Distance marketing directive (29)
E-commerce directive (17)
E-commerce directive (17)
Today: 75
Tomorrow: 147

9. IMD 2 / IDD: Key issues
Conflicts of interest and disclosure of remuneration
Cross-selling
Advice

10. The way forward

11. For more information