New application date for the IDD Directive

Date: Wednesday, January 10th, 2018 by Lodewijckx Sandra.

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

To see the original article click here.

Talk to us?

Our vision and focus is to use the strength and depth of our company to help our clients reduce the time and money they spend on managing risk. If you need a global group of legal advisers, delivering a creative, commercial and specialist service, talk to Global Insurance Law Connect today.

 

Contact: +44 (0)20 7029 4238

x