On the 23rd of September EIOPA (European Insurance and occupational pensions authority) held a public hearing in Frankfurt on the new proposed guidelines for insurance sales in Europe.
The Insurance Distribution Directive is the directive from the European Commission that aims to give European consumers greater choice and information when they buy insurance products. The directive and guidelines will enter into force in February 2018. EIOPA therefore gave the chance for stakeholders to give their input on the proposed guidelines before they will hand in their technical advice to the Commission in early 2017.
It became clear during the hearing that it will be a challenge for EIOPA to find common ground between the member states. Some countries have stricter regulations on whom are able to sell insurance products, others countries have intermediates as their main source of insurance distributers.
The deadline to respond to the consultation is on the 3rd of October.