This Legal Briefing analyses the European Commission’s responses to two consultations on the interpretation of the Insurance Distribution Directive.
By Joaquín Ruiz Echauri, Jesús Almarcha Jaime
On 29 November 2021, EIOPA published the European Commission’s responses to two consultations on the interpretation of the Insurance Distribution Directive (EU) 2016/97 of the European Parliament and the Council of 20 January 2016 on Insurance Distribution (consolidated version) (“IDD”): (i) The first was to determine when conflicts of interest exist for insurance distributors in circumstances where they are remunerated by insurers for the distribution of insurance-based investment products (“PIBS” or “IBIPs”); and (ii) The second was to determine at what point a person is deemed to be directly involved in the distribution activity for the purposes of requiring ongoing training for the distributor’s employees, in particular, whether such training should be required for those who perform administrative or support tasks.
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