The Insurance Distribution Directive (“IDD”) was published on the Official Journal of the European Union (“OJ”) on the 2nd February 2016.
The IDD will enter into force 20 days after the publication (23 February 2016) and Member States will then have two years to implement the text (by 23 February 2018). Following the publication of the IDD in the OJ, the European Commission may request EIOPA for its technical advice on the preparation of IDD Delegated Acts. This is expected by March.
The IDD empowers the Commission to adopt Delegated Acts to specify various regulatory requirements of the IDD on a variety of issues including Product Oversight and Governance Arrangements, Management of Conflicts of Interest, and Inducements. The Delegated Acts are expected to be adopted by early 2017, and in any case before the expiry of the deadline for national implementation for Member States. EIOPA will also start its work on the technical standards (e.g. the format of the Product Information Document).
The official text of the IDD can be accessed by clicking here.