The EU’s landmark Insurance Distribution
Directive (IDD) changes the regime applicable to French
insurance and reinsurance brokers.
Gabriel Bernardino, chairman of the European Insurance and
Occupational Pensions Authority (Eiopa) said in 2017: "[IDD] is
a substantial step forward in promoting a framework for a
better governance, suitability and accessibility of insurance
products for consumers across the internal market."
Almost 13 years (December 2005 to October 2018) separate the
entry into force of the Insurance Mediation
Directive’s (IMD) provisions and the transposition
into French law of the IDD.
A period of almost 13 years also separates the creation of
the French insurance and reinsurance brokers’
(IRB) regime and the existing insurance
distributors’ regime. Indeed, the IDD helped
foster beneficial harmonisation between insurance
intermediaries and insurance undertakings when distributing
insurance-based investment products, in particular unifying the
regulatory framework for commercial practices in the insurance
sector. The IDD reinforces the previously...