Insurance Distribution Directive: Proposal to postpone application date

17 November 2017

The Insurance Distribution Directive (the “IDD”) came into force on 22 February 2016; the current deadline for transposition by member states is 23 February 2018. Recently, the European Parliament’s Economic and Monetary Affairs Committee (“ECON”) recommended that the application date of the IDD is postponed until 1 October 2018. On the other hand, all Member states would still be required to transpose the IDD into national legislation by 23 February 2018, ECON does not recommend the IDD transposition deadline to change.

ECON’s concern is that there will not be enough time for the insurance industry to implement the necessary technical and organizational changes to their daily course of business.  One clear reason for the proposal are delays in the legislative process, in timely passing through two major delegated acts.

Insurance distribution processes will be heavily impacted by the IDD as it introduces new regulation of insurance brokers, agents and other intermediaries that are currently regulated by the 2002 Insurance Mediation Directive.

The insurance market responded positively. Michaela Koller (director general of trade body Insurance Europe) and Hugh Savill (Association of British Insurers) welcomed ECON's intervention.

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Future Dates

* Estimated date

  • 31 December 2017

    EBA guidelines on liquidity coverage ratio disclosure apply as of this date.

  • 1 January 2018

    A transitional period has been introduced up to this date to allow third countries to accommodate the rules. The third country regime provided by the existing CRA regulation remains unchanged; however, as the CRA III Regulation / Directive strengthen the regulatory framework for CRAs this transitional period has been introduced to allow third countries to adjust.

  • 1 January 2018

    Application date of PRIIPs Regulation in Member States. (UK - FCA's disclosure rules will also apply from this date)