IDD (Insurance Distribution Directive)

March 1, 2024

The IDD is about setting EU-wide rules for selling insurance products. It came into effect in October 2018 and focuses on:

  1. Consumer Protection: Just like MiFID II, the IDD is designed to protect consumers. It makes sure that insurance sellers provide clear and understandable information about the products they offer.
  2. Professional Requirements: People who sell insurance need to meet certain professional standards. This includes having the right knowledge and skills to advise customers properly.
  3. Cross-Border Sales: The IDD makes it easier for insurance products to be sold across EU countries, helping to create a single market for insurance.
  4. Transparency and Conduct: Sellers must be transparent about the costs and details of insurance products, and they must act in the best interest of their clients.
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