On 14 February 2018, EU ambassadors confirmed, on behalf of the Council, an agreement to delay the transposition deadline and application of new rules on insurance distribution.
The Insurance Distribution Directive (Directive 2016/97, “IDD”) is aimed at improving consumer protection for insurance products. It is currently due to apply from 23 February 2018, and Member States have until then to transpose it into national laws and regulations.
However, on the basis of a proposal from the Commission, it has been agreed to postpone the transposition deadline to 1 July 2018 and the application date to 1 October 2018.
The delay will enable the insurance industry to better prepare for the IDD and for the changes necessary to comply with implementing rules. Member States will have more time to transpose the IDD's provisions.