The Federation of European Risk Management Associations (FERMA) and The European Federation of Insurance Intermediaries (BIPAR) reached a new transparency agreement late last year, but outgoing FERMA president, Peter den Dekker, said the two parties had not reached agreement on the Directive’s inclusion in the IMD.
The European Commission is revising the IMD, which contains regulatory requirements for intermediaries operating across the EU, as a result of changes taking place to the European insurance market as a result of Solvency II. The EC’s legislative proposals for IMD2 are expected to be released in February next year.
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