Insurance distribution directive : a legal analysis
This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the...
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| Main Authors: | , |
|---|---|
| Format: | eBook Book |
| Language: | English |
| Published: |
Cham
Springer
2021
Springer Nature Springer International Publishing AG AIDA Europe |
| Edition: | 1 |
| Series: | AIDA Europe Research Series on Insurance Law and Regulation |
| Subjects: | |
| ISBN: | 3030527379, 9783030527372, 9783030527389, 3030527387 |
| Online Access: | Get full text |
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Table of Contents:
- 6 Structures for Enforcement in the United States and the European Union -- 7 What Can Member States Learn from the Enforcement Failures of the United States? -- References -- What Can the Insurance Distribution Directive ``Offer´´ the South African Microinsurance Model? -- 1 Introduction -- 2 The Insurance Distribution Directive -- 2.1 Introduction -- 2.2 Scope of Application -- 2.3 Disclosure Requirements of the IDD -- 2.4 Consumer Needs -- 2.5 Product Oversight and Governance Requirements -- 2.6 Pre-Contractual Information -- 2.7 Preliminary Remarks -- 3 The Concept of Microinsurance -- 3.1 Introduction -- 3.2 Microinsurance on an International Level -- 3.3 Principles for an Effective Microinsurance Model -- 4 Microinsurance in South Africa -- 4.1 History of Microinsurance -- 4.2 Policyholder Protection Rules on Microinsurance -- 4.2.1 Introduction -- 4.2.2 Specific Rules on Microinsurance -- 4.2.2.1 Outline -- 4.2.2.2 Structure of the Policy -- 4.2.2.3 Waiting Periods -- 4.2.2.4 Exclusions -- 4.2.2.5 Excesses -- 4.2.2.6 Claims Process -- 4.2.2.7 Reinstatement -- 4.3 Policyholder Protection Rules on Product Design -- 4.4 Disclosure Requirements in Terms of the PPRs -- 5 What Can South Africa Take Away from the IDD to Enhance the Current Microinsurance Provisions? -- 6 Conclusion -- References -- Articles, Documents and Textbooks -- Legislation -- Part III: The Interplay Between the Insurance Distribution Directive and Other Regulations/Sciences -- The Interplay Between the GDPR and the IDD -- 1 Introduction -- 1.1 Similar Origins and Parallel Lives -- 1.2 Impact on Insurance Activities -- 2 GDPR and IDD Interaction Affecting Internal Functions -- 2.1 Product Oversight and Governance Requirements for Manufacturers -- 2.1.1 Product Approval Process -- 2.1.2 Product Monitoring Phase -- 2.2 Product Distribution Arrangements
- 3.7 Conflict of Interest -- 4 Product Oversight and Governance -- 5 Impact of the IDD -- 5.1 Impact with Regards to the Life Insurance Sector -- 5.2 Assessment of Suitability -- 6 A Comparison of the EU and U.S. Insurance Distribution Regulatory Regime -- 7 Conclusions -- References -- Legislation -- Documents -- Insurance-Based Investment Products: Regulatory Responses and Policy Issues -- 1 Introduction -- 2 Disclosure of Information -- 3 Conflicts of Interest -- 4 Inducements -- 5 Demands and Needs Test -- 6 Suitability and Appropriateness Assessment -- 7 Non-complex Insurance-Based Investment Products -- 8 Sustainable Finance and IBIPs -- 9 Policy Issues and Next Steps -- 10 Conclusion -- References -- Legislation and Other Legal Instruments -- Part II: The Insurance Distribution Directive as a ``Benchmark´´ for National Legislators -- The Notion of ``Employee´´ in the IDD: A Harmonized Interpretation Based on the EU Law -- 1 Introduction -- 2 Brief Historical Background -- 3 Application of the IDD to Employees of Insurance Undertakings -- 4 Defining an ``Employee of the Insurance Undertaking´´: Contractual Relations -- 5 Scope of Distribution Activities Performed by Employees of Insurance Undertakings -- 6 Conclusions -- Legal Acts -- Case Law: European Court of Justice -- Other Sources -- Ensuring the Customer´s Best Interest in the Polish Insurance Market -- 1 Introduction -- 2 The Principle of the Customer´s Best Interest in Light of European and Polish Financial Markets Law and Polish Supervisory P... -- 2.1 European and Polish Insurance Law -- 2.2 MiFID -- 2.3 MiFID vs. IDD -- 2.4 Polish Supervisory Practices on the Insurance Market -- 2.5 Responsibility Linked to the Principle of the Customer´s Best Interest in the Polish Legal System -- 2.6 Best Interest in Light of the PFSA´s Recommendations
- 2.2.1 Choice and Audit of Appropriate Distribution Channels
- 4.1 Are the Information Duties Introduced by the IDD Directive Suitable to Ensure the Customer´s Protection? -- 4.2 Are the Information Duties Introduced by the IDD Directive Necessary to Ensure the Customer´s Protection? -- 4.2.1 The Objective Will Not Come by Itself -- 4.2.2 The Objective Cannot Be Achieved by Other Measure Which Is as Useful as Measure Applied and Less Harmful for Other Inter... -- 4.2.3 Totality of Regulation -- 4.2.4 Excess Complexity -- 4.3 Is There an Appropriate Balance Between the Damage Suffered by the Customers (e.g. Consequences of the Information Overloa... -- 5 Concluding Remarks -- Annex I -- References -- Legislation -- Documents -- The Contribution of Product Oversight and Governance (POG) to the Single Market: A Set of Organisational Rules for Business Co... -- 1 Introduction -- 2 The Origin of POG as a Regulatory Response Based on Principles of Businesses -- 3 The Transposition of POG in the EU Law: Organizational Rules for the Business Conduct -- 4 POG and the Single Market in Insurance: The Current Effects -- 4.1 The Potential Effects -- References -- Legislation -- Documents -- The IDD and Its Impact on the Life Insurance Industry -- 1 Introduction -- 1.1 The Distributor´s Remuneration -- 1.2 Distributors´ Liabilities: Life Insurance -- 1.2.1 Scope of Distributors: Dual Responsibilities -- 1.2.2 Impact on International Activities (Free Passporting Service (``FPS´´)) -- 1.3 Inducements -- 2 The Need for Regulation: Specific Professional and Organizational Requirements -- 3 Special Requirements Relating to Information, Advice, Remuneration -- 3.1 Information Requirement and the Duty to Act in the Customers´ Best Interests -- 3.2 Advice Requirement -- 3.3 Exemptions from Information Requirements -- 3.4 Stricter Information Provisions -- 3.5 Information Conditions -- 3.6 New Information Requirements
- Insurance Distribution Directive -- Preface -- AIDA Europe -- Contents -- Abbreviations -- Part I: The Harmonization Achieved under the Insurance Distribution Directive -- Insurance Distribution Directive and Cross-Border Activities by Insurance Intermediaries in the EU -- 1 Introduction -- 2 Simpler and Clearer Rules for Cross Border Activities by Insurance Intermediaries? -- 2.1 Some Background -- 2.2 A Simplified and Clearer Notification Procedure? -- 2.3 No Clarification Regarding the Triggering Element of Cross Border Activities -- 2.4 EIOPA Clarifications -- 2.5 General Good Rules: Will More Transparency Be Enough to Avoid Their Possible Detrimental Impact on the Single Market? -- 3 New Division of Competence Between Home and Host Member State Authorities and the Possible Impact on Intermediaries´ Passpor... -- 3.1 Powers Given to Host Member States Over Intermediaries Operating Under FOS in Their Territories -- 3.2 Powers Given to Host Member States Over Intermediaries Operating Under FOE in their Territories -- 4 Towards More Cross-Border Activities of Insurance Intermediaries? -- 4.1 IDD Passport, Digitalisation and Consumers -- 4.2 The Impact of Brexit on Cross-Border Activities of Insurance Intermediaries -- 5 Final Remarks -- References -- Legislation -- Documents -- Information Duties Stemming from the Insurance Distribution Directive as an Example of Faulty Application of the Principle of ... -- 1 Introduction -- 1.1 The Argument -- 1.2 The Method -- 2 Principle of Proportionality: What Does It Mean and How Do We Know It Is Respected? -- 3 Information Duties Set Out in the IDD -- 3.1 What Stands Behind the Information Duties? Reasons for Implementation -- 3.2 Overview of the IDD´s Information Duties Relevant for Non-Life Insurance -- 4 Proportionality Test
- 3 Ensuring the Customer´s Best Interest in the Polish Insurance Market -- 3.1 Actions Aimed at Ensuring the Customer´s Best Interests -- 3.2 Distributor´s Remuneration and the Customer´s Best Interests -- 3.3 Ensuring the Best Interest of the Customer as a Way to Limit Misselling -- 4 Conclusion -- References -- Insurance Distribution Carried Out by Insurers in Spain -- 1 Introduction -- 2 Governance System of Insurance Companies -- 3 A New Area? -- 4 The Requirements of Good Repute -- 5 The Appropriate Knowledge -- 6 Professional Training -- 7 The Policies and Procedures -- 8 The Supervision of the DGSFP -- 9 Conclusions -- References -- Enaction of Chapter VII of the Insurance Distribution Directive: What Can Member States Learn from the Enforcement Failures of... -- 1 Introduction -- 2 Broad Landscape of the Unites States´ Regulation of Insurance Intermediaries -- 3 Insurance Distribution Directive Overview -- 4 Comparing the Producer Licensing Model Act with the Insurance Distribution Directive -- 4.1 Organizational Requirements -- 4.2 Duties of Insurance Intermediaries/Producers -- 4.3 Sanctions, Penalties, and Other Measures -- 5 How the United States Enforces Insurance Intermediary Regulations -- 5.1 California Enforcement -- 5.1.1 Duties of California Insurance Intermediaries/Producers -- 5.1.2 California Sanctions, Penalties, and Other Measures -- 5.1.3 California Case Law -- 5.1.4 California Enforcement Summary -- 5.2 Michigan Enforcement -- 5.2.1 Duties of Michigan Insurance Intermediaries/Producers -- 5.2.2 Michigan Sanctions, Penalties, and Other Measures -- 5.2.3 Michigan Case Law -- 5.2.4 Michigan Enforcement Summary -- 5.3 Alabama Enforcement -- 5.3.1 Duties of Alabama Insurance Intermediaries/Producers -- 5.3.2 Alabama Sanctions, Penalties, and Other Measures -- 5.3.3 Alabama Case Law -- 5.3.4 Alabama Enforcement Summary