21st February Mike delivered an IDD lecture for the IIM

 

IDD & The Future of Commercial Insurance Broking

The Insurance Distribution Directive (IDD) is the most significant changes in General Insurance regulations in 10 years. It applies to all FCA regulated firms, Insurers, Brokers, MGA’s etc and applies to those conducting Consumer and Commercial Business and to insurance staff.

It will come into force on 23rd Feb 2018 though its implementation may be delayed until Oct 2018.

It is a new EU directive and it is aimed to create a level playing field, for insurance intermediaries and the distribution of insurance, plus harmonise regulation across the EU. Its aim is to raise the standards of conduct, improve competition as well as improving customer protection.

All firm needs to understand the changes and have plans in place to implement the changes.

Learning objectives:

  • Understand the background and why the IDD is being implemented and who it applies to?
  • Explain some of the key changes and what firms need to do including:
  • Conflicts of interest
  • Disclosure requirements
  • Training of staff
  • Sales practices

It also gave an overview of what firms need to do with regards to product Governance and Oversight when designing new policies or schemes

If you were unable to attend and require any further information please let us know

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