This is our second Policy Statement setting out near-final rules for the implementation of the Insurance Distribution Directive (IDD).
This Policy Statement responds to the feedback we received to CP17/23 and summarises our approach to making:
This Policy Statement will interest insurance and reinsurance companies, intermediaries, other firms and customers in the insurance market, and bodies representing these groups. It will also be of interest to designated professional bodies whose members conduct insurance distribution activities.
On 20 December 2017, the European Commission (the Commission) proposed delaying the application date of the IDD to 1 October 2018. The European Parliament and the Council will need to agree on the new application date before the delay is formally adopted and published in the Official Journal of the European Union. Under this proposal, firms would have until 1 October 2018 to implement the new IDD requirements.
We intend to publish final rules once the Treasury’s legislation is in force. Firms affected by these rules will need to ensure compliance by the application date specified in these final rules, depending on the outcome of the proposed delay.