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“insurance distribution”as including the activities of advising on, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, or of concluding such contracts, or of assisting in the
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PERG 5 : Guidance on insurance Section 5.6 : The regulated activities: distribution activities arranging deals in, and making arrangements with a view to transactions in, contracts of…
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Distribution management in P&C insurance encompasses several core components that address the efficient and compliant delivery of insurance products: 1. Agency and Broker Management. One of the primary pillars of distribution management is the ability to oversee relationships with appointed agencies and brokers.
- Wider Context
- Legislation and Regulation
- Issues For UK Firms
- Scope
- Disclosure Obligations
- Demands and Needs Statements
- Cross-Selling Obligations
- Product Design and Manufacture Obligations
The introduction of the IDD is part of a broader project by the EU to revise the way in which financial services are regulated. In particular, MiFID II is the EU's most ambitious piece of regulatory reform in the financial services industry to date and various obligations contained in the IDD have been designed to ensure a level of consistency with...
The IDD regime is detailed across five EU documents: 1. the IDDitself 2. a Delegated Regulation on Product Oversight and Governance Requirements(POG Regulation), 3. a Delegated Regulation on Insurance-based Investment Products (IBIP), 4. an Implementing Regulation on Insurance Product Information Documents (IPID), and 5. supporting guidelines on IB...
Following the lengthy lead-in time, the IDD now applies to UK insurance distributors. We cover below five keys issues for general insurance firms.
Where the IMD applies to the regulation of insurance intermediaries, the IDD applies to the wider regulation of insurance 'distributors'which will include: 1. all sellers of insurance products, including insurance undertakings that sell directly to customers; 2. firms who are not insurers and whose activities include advising on, proposing, conclud...
The IDD imposes a wider range of disclosure obligations on firms including: 1. distributors must confirm whether they are acting as an insurer or an intermediary; 2. intermediaries must state whether they are acting on behalf of the customer or the insurer; 3. where intermediaries are contractually obliged to conduct business with one (or more) ins...
Under the IMD intermediaries had to simply specify, on the basis of information provided by the customer, the demands and needs of that customer. Under the IDD, distributors are now required to specify customers' demands and needs based upon information obtained from them. They must also ensure that the insurance policy proposed or recommended is c...
The IDD introduces new rules which apply when insurance products are sold alongside non-insurance products. These rules apply differently depending upon whether the insurance product is the 'primary' or the 'ancillary' product. Where the insurance is the primary product in the package, distributors must inform customers whether it is possible to pu...
The IDD and the POG Regulation contain new requirements relating to the manufacture, oversight and governance of insurance products, which are relevant for both manufacturers and distributors of insurance products. These rules require manufacturers to specify a target market for each product; maintain, operate and review a 'proportionate and approp...
“‘Insurance distribution’ means the activities of advising on, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including the provision of information ...
Nov 25, 2019 · This guidance explains key changes introduced by the Insurance Distribution Directive (IDD). General. Law firms involved in personal injury, conveyancing and probate will most likely be carrying on insurance distribution activities.
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Oct 17, 2024 · Nick Milton, UK and Europe head of sales and distribution at MGA Pen Underwriting, examines what being a regional business means today and why the definition is not perhaps as binary as it once was.
