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Insurance mediation: better consumer protection
Insurance mediation: better consumer protection
Insurance mediation: better consumer protection
This summary has been archived and will not be updated. See
'Insurance distribution — new rules from 2018'
for an updated information about the subject.
Insurance mediation: better consumer protection
SUMMARY OF:
Directive 2002/92/EC — insurance mediation
WHAT IS THE AIM OF THE DIRECTIVE?
KEY POINTS
On 20 January 2016, the European Parliament and the Council adopted the insurance distribution directive (Directive (EU) 2016/97), which updates and replaces the insurance mediation directive. The new directive will cover the entire distribution chain, including insurers that sell directly to consumers (hence the new name). It will also further improve the way insurance products are sold including greater price transparency and better information for consumers.
FROM WHEN DOES THE DIRECTIVE APPLY?
BACKGROUND
More information available on the European Commission’s insurance mediation website.
* KEY TERMS
Unit-linked life insurance products: these give life insurance policy-holders the possibility of combining their money with that of other policy-holders in a unit-linked fund. This allows them to invest in a wider spread of investments (such as stocks and bonds) than they could on their own.
Reinsurance: where insurers transfer parts of their risk portfolio to other insurers so that they can spread the risk of having to pay out large amounts in the event of a claim.
MAIN DOCUMENT
Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (OJ L 9, 15.1.2003, pp. 3–10)
Successive amendments to Directive 2002/92/EC have been incorporated in the original text. This consolidated version is of documentary value only.
RELATED DOCUMENTS
Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (OJ L 26, 2.2.2016, pp. 19–59)
last update 24.10.2016