The European Insurance and Occupational Pensions Authority (EIOPA) has completed its analysis of all published general good rules on registration and professional and organisational requirements that could potentially be non-compliant with the Insurance Distribution Directive (IDD).
Overall, the outcome of this exercise has been successful in terms of
enhancing transparency for consumers and helping to reduce barriers to
the taking-up and pursuit of the activity of insurance distribution in
the internal market. Many NCAs implemented actions to ensure compliance
with the IDD. These particular NCAs have adjusted their webpages and
documents with information on general good rules, in order to:
- remove registration and organisational requirements which are
under the exclusive competence of the home Member State (e.g. provisions
requiring incoming insurance intermediaries to hold a specific diploma
before engaging in insurance distribution in the host Member State);
- clarify that registration and organisational requirements are only
imposed on domestically registered insurance intermediaries; and
- indicate specific general good provisions rather than quote compendia of national legislation.
An overview table with information on the adjustments made to general good rules in different Member States is available here:
EIOPA will continue to assess further cases and will report back on these in the future, where appropriate.
Background
General good rules are national rules of the Member States which
introduce additional requirements reflecting specificities of local
markets and apply to incoming firms seeking to carry out cross-border
business.
This exercise is a follow-up to EIOPA's report that analysed national
general good rules in the context of the proper functioning of the IDD
and the internal market in accordance with Article 11(3) of the IDD. The
report concluded that some national competent authorities (NCAs) have
published general good rules on registration and organisational
requirements, which allow those NCAs as host Member States to impose
additional requirements on passporting insurance distributors whereas,
under the IDD, those rules are under the competence of the competent
authority of the home Member State only.
EIOPA
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