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Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September 2014, Hungary European Federation of Insurance Intermediaries

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Page 1: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Developments in public affairs from

an intermediary’s perspective

Nic De MaesschalckBIPAR Director

11th Insurance Professionals Conference

22 September 2014, Hungary

European Federation of Insurance Intermediaries

Page 2: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Established in Paris in 1937Headquartered in Brussels since 1989

52 member associations in 32 countries

Represents interests of intermediaries with European institutions

Single voice of the profession at EU level www.bipar.eu

The European Federation of Insurance and Financial Intermediaries

A member of WFII (World Federation of Insurance Intermediaries)

Page 3: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Different actors on the international scene

National Regulation

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 4: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Trade unions

Press Consumer organizations

Think tanks

Different actors on the international scene

Academics

National associations

Politicians

Insurers, financial

institutions

Clients

Market functioning

Public opinion

Intermediaries

Reputation

Supervisor/regulator

National Regulation

National

Page 5: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Trade unions

Press Consumer organizations

Think tanks

Different actors on the international scene

Academics

National associations

Politicians

Insurers, financial

institutions

Clients

Market functioning

Public opinion

Intermediaries

Reputation

Supervisor/regulator

National Regulation

National

European

BIPAREuropean

Commission

European Parliament ESAs: EBA,

EIOPA, ESMA

Council of the EU

BEUC, UNI-Europa

European Federations:

UEAPME, Insurance Europe, ...

Page 6: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Trade unions

Press Consumer organizations

Think tanks

Different actors on the international scene

Academics

National associations

Politicians

Insurers, financial

institutions

Clients

Market functioning

Public opinion

Intermediaries

Reputation

Supervisor/regulator

National Regulation

National

European

FSB

FATF

IAIS

G20OECD

WTO

Basel Committee/

IOSCO

IMF/World Bank

International Federations

BIPAR

WFII

International

European Commission

European Parliament ESAs: EBA,

EIOPA, ESMA

Council of the EU

BEUC, UNI-Europa

European Federations:

UEAPME, Insurance Europe, ...

Page 7: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Solvency II

Professional qualifications

E-Commerce Directive Anti-Money Laundering

Collective redressDistance sellingData protection

Consumer Rights Directive

Overview of topics under discussion, revision, implementation in Europe, with a potential impact on

intermediation

PRIPsAssureurs, institutions financières

Insurance Guarantee Schemes – Investor

Compensation Schemes

Sanctions

UCITSIORP

MiFID II IMD II

Corporate governance

Gender Equality

ADR

Insurance intermediaries

Contract law

VAT, (FAT), FTT, IPT

Credit agreements relating to residential

property

Public procurement

Page 8: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Solvency II

Professional qualifications

E-Commerce Directive Anti-Money Laundering

Collective redressDistance sellingData protection

Consumer Rights Directive

Overview of topics under discussion, revision, implementation in Europe, with a potential impact on

intermediation

PRIPsAssureurs, institutions financières

Insurance Guarantee Schemes – Investor

Compensation Schemes

Sanctions

+ New regulatory instruments/

procedures/ESAs

UCITSIORP

MiFID II IMD II

Corporate governance

Gender Equality

ADR

Insurance intermediaries

Contract law

VAT, (FAT), FTT, IPT

Credit agreements relating to residential

property

Public procurement

Page 9: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Some issues which may come on your board meetings agenda in the coming 3 years…

because :• it will be imposed by regulation or• It will be part of your corporate culture or• It will be part of your corporate governance or • It will be imposed by your clients or• It will just be part of business culture in general

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 10: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Intermediaries and insurers will be confronted with new rules for the distribution

of insurance based investment products. For insurance based investment products new rules re pre-contractual information

and product governance will become applicable

MiFID IIPRIPs IMD II IORP revision

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 11: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Intermediaries will be more transparent …

About their status About their services About the (nature of) remuneration

IMD II/OECD/IAIS/OECD

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 12: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Intermediaries will (continue and) manage and mitigate conflicts of interest

DG Competition Sector inquiryIAIS insurance core principles IMD II (proposal)MIFID II

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 13: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

New requirements related to training

• Training requirements• Continuous professional requirements

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 14: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Intermediaries will continue and give attention to complaints

handling and the management of alternative dispute resolution mechanisms.

ADR Collective redress

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 15: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Anti-fraud and antimoney laundering rules and « supervision » will be reinforced

FATF IAIS EU

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 16: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Intermediaries will continue and protect their data and the data of the client

Cyberrisk Data Protection regulation

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 17: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Supervisory Authorities have new powers/mandates

At national level At European level (EIOPA,EBA, ESMA)

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 18: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Intermediaries with binding authorities will have more obligations

Solvency II : Article 49 Outsourcing

- more requirements in terms of fit and proper - more (structured) information to insurer

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 19: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Intermediaries will continue and give attention to competition rules

Block Exemption Regulation Pools

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 20: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Intermediaries will have more work in cases of multinational placements

TMF IPT Quote : global insurance premium tax tool. Probably definition of FOS/ Foe in IMD II Increasing nr of countries change regulations

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 21: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Some other challenges for the industry:

• Image / reputation (as a sector)• Age / experience/ expertise / succession• Training• Explaining our specificities • Adapting to new businessmodels• Ban on commissions in case of « independent investment advice »

11th Insurance Professionals Conference - 22 September 2014, Hungary

Page 22: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Trade unions

Press Consumer organizations

Think tanks

Different actors on the international scene

Academics

National associations

Politicians

Insurers, financial

institutions

Clients

Market functioning

Public opinion

Intermediaries

Reputation

Supervisor/regulator

National Regulation

National

European

FSB

FATF

IAIS

G20OECD

WTO

Basel Committee/

IOSCO

IMF/World Bank

International Federations

BIPAR

WFII

International

European Commission

European Parliament ESAs: EBA,

EIOPA, ESMA

Council of the EU

BEUC, UNI-Europa

European Federations:

UEAPME, Insurance Europe, ...

Page 23: Developments in public affairs from an intermediary’s perspective Nic De Maesschalck BIPAR Director 11th Insurance Professionals Conference 22 September

Developments in public affairs from

an intermediary’s perspective

Nic De MaesschalckBIPAR Director

11th Insurance Professionals Conference

22 September 2014, Hungary

European Federation of Insurance Intermediaries


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Developments in public affairs from an intermediary’s perspective