Insight
Title:
The Insurance Distribution Directive (IDD)
Description:
The FCA published the first of two consultation papers on 6 March 2017.
The IDD, with which the UK is required to comply by 23 February 2018, concerns the distribution of insurance and reinsurance, and also covers assisting in the administration and performance of an insurance contract post-sale.
The consultation paper covers the FCA’s proposals for the application of the directive, which include the following areas:
- professional and organisational requirements
- complaints handling and out-of-court redress
- professional indemnity insurance (PII)
- changes to conduct of business rules (for non-investment insurance contracts)
- the regulatory regime for ancillary insurance intermediaries