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Insurance Distribution Directive

  • United Kingdom

    05-10-2018

    New regulation for insurance products

    On Monday 1 October, the Insurance Distribution Directive (IDD) became a part of UK law. The IDD regulates the distribution of insurance products in the EU/EEA.

    The IDD applies to all sellers of insurance, not just insurance brokers and insurers and is relevant to all organisations involved in the sale of insurance. Insurance is distributed in many sectors, not only financial services and many retailers offer insurance for the protection of goods sold. In addition, car hire, vehicle rental companies and car dealers may sell motor insurance and car warranties, and travel agents and airlines sell travel insurance.

    Many organisations have already changed their procedures in line with the IDD but we are aware of many that have not. A survey conducted last week discovered that 27% of insurance brokers were not prepared for the IDD coming in to effect on 1 October.

    If you act for a client involved in the distribution of insurance and would like advice on how the IDD applies to them and what they need to do to comply, please contact the Partner Paula Gaddum.

     

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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