EIOPA Publishes Second Report on the Application of the Insurance Distribution Directive PDF | 0.44 MB
On 15 January 2024, the European Insurance and Occupational Pensions Authority ("EIOPA") published its second report on the application of the Insurance Distribution Directive ("IDD") ("Report"). The Report covers the period 2022 and 2023, highlighting relevant changes in the application of the IDD compared to the last reporting period, and examines how the IDD has been applied in European Union ("EU") Member States by the insurance industry and national competent authorities ("NCAs"). It considers the impact of the IDD on consumers, insurance distributors and supervisory activities with respect to the structure of the EU insurance distribution market and the regulatory and supervisory framework.
The Report presents its findings under 3 categories:
- Changes in the structure of the EU insurance distribution market;
- Impact on the new regulatory framework; and
- Impact on the supervisory framework.
In this update we note the key observations made in the Report and outline, where relevant, where Ireland stands vis a vis their observations.