Implementing the Insurance Distribution Directive (IDD) - Searchlight Insurance Training

Implementing the Insurance Distribution Directive (IDD)

The Insurance Distribution Directive (IDD) is the successor to the existing Insurance Mediation Directive (IMD) which was implemented in 2005. IMD brought with it specific conditions for initial authorisation and ongoing regulatory requirements for UK insurance intermediaries, being designed to encourage cross-border competition between firms, whilst also ensuring consistent and appropriate levels of protection for those purchasing insurance within the EU.

IDD applies to, ‘persons who conduct insurance distribution to customers’ – i.e. insurers, reinsurers, insurance brokers and firms such as banks, or retailers, who provide insurance alongside their primary business and whose customers range from individual consumers to large multinational organisations.

The new rules were implemented on October 1st 2018.

Level: Introduction

Duration: 0.5 day(s) CII CPD Hours: 3
     

WORKSHOP OBJECTIVES

By the end of this workshop delegates will be able to:

  • To review the key points of the IDD.
  • To explain FCA’s intended approach to implementing IDD following the regulator’s two periods of consultation.
  • To understand the implications of IDD’s implementation for insurers, reinsurers and insurance intermediaries / brokers.
  • To assist delegates in considering the impact of IDD on their own businesses.
  • To enable delegates to be fully aware of the new IDD / FCA requirements.

WORKSHOP CONTENT

  • The background to IDD professional, organisational and prudential requirements
  • Conduct of business requirements
  • Pre-contract disclosures
  • Disclosures relating to conflicts of interest and transparency
  • Means of providing information
  • Advised and non-advised sales
  • Cross-selling
  • Ancillary insurance intermediaries (AII)

Searchlight can provide post-course consultancy services to those firms who believe that they may need specialist help in understanding and addressing the new rules – for example, undertaking a gap analysis to determine how well the firm’s current arrangements match the new requirements and providing assistance to address issues that are identified.