New Irish Regulations implementing the Insurance Distribution Directive Published
The Department of Finance has published the Irish statutory instrument implementing the Insurance Distribution Directive to take effect from 1 October 2018.

 

On 27 June 2018, the Minister for Finance signed into law the European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018) (the "IDD Regulations").  The IDD Regulations will transpose Insurance Distribution Directive ((EU) 2016/97) (IDD) into Irish law.  

As the IDD replaces the Insurance Mediation Directive (2002/91/EC) (IMD), the IDD Regulations will revoke the European Communities (Insurance Mediation) Regulations 2005 which transposed the IMD into Irish law. 

The IDD Regulations represent a significant change in the regulation of the distribution of (re)insurance products and are relevant to all market participants to varying degrees. In particular, both (re)insurance intermediaries and direct writers will need to carefully consider the implications of the IDD Regulations for their respective businesses and ensure that all necessary compliance steps are taken in advance of the implementation deadline of 1 October 2018. 

From a Brexit planning perspective, the IDD Regulations will have particular relevance for any prospective applicants to the Central Bank of Ireland for a (re)insurance intermediary registration.  Even though the IDD Regulations will not come into operation until 1 October 2018, applicants will need to "future proof" their applications to anticipate the requirements of the IDD Regulations. 

To view a copy of the IDD Regulations, please click here

If you have any queries on the IDD Regulations, please get in touch with any member of the Insurance team.

Contributed by: Catherine Carrigy

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