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The concept of 'tied insurance intermediary' was defined, along with a more substantial role for insurance undertakings in the registration process of these persons as well as in the verification of their professional knowledge and competence.
The Common Position specifies that only the names of some persons in the management structure of intermediaries (legal persons) have to be specified in the registers.
The treatment of intermediaries from third countries was clarified as well. The provision on indemnity insurance and guarantees was modified accordingly, in addition to which an aggregate ceiling of EUR 1 500 000 per year and per all claims was added.
The Council added a special provision on information exchange between competent authorities with the objective of facilitating the act of deletion of names of persons from the national registers who have been subject to certain penalties.
A special clause regarding telephone selling was inserted as well. Finally, the information requirements have been further clarified and thus the transparency for the clients has been improved.
The Common Position preserves the main features of the Commission's proposal presented in September 2000 and takes account of amendments approved by the European Parliament in its first reading. However, some amendments could not be accepted by the Council.
The proposal will now return to the Parliament for its second reading.
See draft statement on Common Position and
the adopted Common Position.
See also the Commission press release.