Date: Wednesday, January 10th, 2018 by Michaela Hickson.
On this 20 December 2017, the European Commission has proposed to push back the application date of the Insurance Distribution Directive (IDD) by seven months, to 1st October 2018. The European Parliament and 16 Member States had requested such a postponement.
EU countries are still required to transpose IDD into national law by the original date, i.e. 23 February 2018.
In order to align the application dates, the European Commission is also preparing to postpone the application of two delegated regulations executing the IDD (laying down the rules applicable on product oversight and governance, on information requirements and conduct of business rules for the distribution of insurance-based investment products).
The European Parliament and the Council will need to agree on the new application date, what will happen by means of an accelerated legislative procedure.
Sandra Lodewijckx, Partner at Lydian
Anne Catteau, Senior Associate at Lydian
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