Additional knowledge and competency requirements for distributors.The IDD introduces enhanced requirements around information and conduct of business. It’s designed to create a level playing field for all those involved in the sale of insurance products.įor your team, it means an addition to an already-lengthy to do list, coming into effect just a month after the Regulation on Key Information Documents for Packaged Retail and Insurance-based Investment Products ( PRIIPs) and MiFID II (with which some parts of the directive are aligned). Firms that assist in the administration and performance of an insurance contract post-sale will also need to comply with the new directive. The IDD concerns the distribution of insurance and reinsurance. What is the IDD and what does your firm need to do to comply? Here we look at what it entails – in particular regarding the requirement for the new Insurance Product Information Document (IPID).
The Insurance Distribution Directive (IDD) comes into force for UK firms on 23 February 2018.
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