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BILA lunchtime lecture - Friday 16th November 2012
Chairman: Michael Mendelowitz
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INSURANCE MEDIATIONThe European Commission’s
proposal for a recast Insurance Mediation Directive
Jonathan Foster
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Agenda Context
Factors driving review Commission action Remuneration
Legal form and structure Content: Changes Questions / discussion
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Context: factors driving review Implementation check outcome 2008 Financial crisis G20 and consumer protection Solvency II level 2
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Context: the Commission’s actions
Request for advice to CEIOPS, Q1 2010 Commission public consultation, Q4,
2010 Commission Public hearing, Q4 2010
Speech by Sharon Bowles, MEP, Chair, ECON Speech By Michel Barnier, Commissioner for
Internal Markets and Services (DG Markt)
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IMD page: Commissionhttp://ec.europa.eu/internal_market/insurance/consumer/mediation/index_en.htm#maincontentSec3
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Context: remuneration Remuneration, transparency and conflicts
of interest post 2008 Single market directive provisions
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Form and structure Legislative basis
A recast directive (consolidation and amendment)
Post-Lisbon, post Lamfalussy Delegation to the Commission ESAs: binding technical standards and
guidelines
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Commission Proposal 3.7.2012http://eur-lex.europa.eu/LexUriServ/
LexUriServ.do?uri=COM:2012:0360:FIN:EN:PDF
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Form and structure Not maximum harmonisation Not Lamfalussy; but Commission: delegated acts
Adequate knowledge and ability Conflicts of interest Customers’ best interests and suitability
EIOPA Guidelines supervision of bundling Guidelines sanctions Binding Technical Standards on breaches
reporting
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ContentScope (Article 1) and Definitions (Article 2)
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Content: definitionsDefinitions (Article 2)
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ContentDeclaration procedure
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ContentOrganisational measures: CPD, general good ruleshttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2000:043:0005:0027:EN:PDF
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ContentConduct of business rules: best interests; fair clear and not misleading
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Content
General remuneration provision
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ContentAdditional consumer protection for insurance
investment products
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Content
Article 24 1. Repeats requirement to act honestly, fairly and professionally in accordance with the best interests of its customers5. If advice is given on an independent basis the intermediary cannot accept or receive fees, commissions or any monetary benefits paid or provided by any third party . . . in relation to the provision of the service to customers.
Additional consumer protection for insurance investment products
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Legislative timetablehttp://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?lang=en&reference=SWD(2012)0191
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The European Commission’s proposal for a recast Insurance
Mediation Directive
Jonathan Foster
INSURANCE MEDIATION
QUESTIONS AND DISCUSSION
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BILA would like to give their thanks to Jonathan Foster for his talk today.Next lecture December 7th