bila lunchtime lecture - friday 16 th november 2012
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BILA lunchtime lecture - Friday 16th November 2012
Chairman: Michael Mendelowitz
INSURANCE MEDIATIONThe European Commission’s
proposal for a recast Insurance Mediation Directive
Jonathan Foster
Agenda Context
Factors driving review Commission action Remuneration
Legal form and structure Content: Changes Questions / discussion
Context: factors driving review Implementation check outcome 2008 Financial crisis G20 and consumer protection Solvency II level 2
Context: the Commission’s actions
Request for advice to CEIOPS, Q1 2010 Commission public consultation, Q4,
2010 Commission Public hearing, Q4 2010
Speech by Sharon Bowles, MEP, Chair, ECON Speech By Michel Barnier, Commissioner for
Internal Markets and Services (DG Markt)
IMD page: Commissionhttp://ec.europa.eu/internal_market/insurance/consumer/mediation/index_en.htm#maincontentSec3
Context: remuneration Remuneration, transparency and conflicts
of interest post 2008 Single market directive provisions
Form and structure Legislative basis
A recast directive (consolidation and amendment)
Post-Lisbon, post Lamfalussy Delegation to the Commission ESAs: binding technical standards and
guidelines
Commission Proposal 3.7.2012http://eur-lex.europa.eu/LexUriServ/
LexUriServ.do?uri=COM:2012:0360:FIN:EN:PDF
Form and structure Not maximum harmonisation Not Lamfalussy; but Commission: delegated acts
Adequate knowledge and ability Conflicts of interest Customers’ best interests and suitability
EIOPA Guidelines supervision of bundling Guidelines sanctions Binding Technical Standards on breaches
reporting
ContentScope (Article 1) and Definitions (Article 2)
Content: definitionsDefinitions (Article 2)
ContentDeclaration procedure
ContentOrganisational measures: CPD, general good ruleshttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2000:043:0005:0027:EN:PDF
ContentConduct of business rules: best interests; fair clear and not misleading
Content
General remuneration provision
ContentAdditional consumer protection for insurance
investment products
Content
Article 24 1. Repeats requirement to act honestly, fairly and professionally in accordance with the best interests of its customers5. If advice is given on an independent basis the intermediary cannot accept or receive fees, commissions or any monetary benefits paid or provided by any third party . . . in relation to the provision of the service to customers.
Additional consumer protection for insurance investment products
Legislative timetablehttp://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?lang=en&reference=SWD(2012)0191
The European Commission’s proposal for a recast Insurance
Mediation Directive
Jonathan Foster
INSURANCE MEDIATION
QUESTIONS AND DISCUSSION
BILA would like to give their thanks to Jonathan Foster for his talk today.Next lecture December 7th
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