IDD (Insurance Distribution Directive)

ESG
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March 1, 2024

The IDD is about setting EU-wide rules for selling insurance products. It came into effect in October 2018 and focuses on:

  1. Consumer Protection: Just like MiFID II, the IDD is designed to protect consumers. It makes sure that insurance sellers provide clear and understandable information about the products they offer.
  2. Professional Requirements: People who sell insurance need to meet certain professional standards. This includes having the right knowledge and skills to advise customers properly.
  3. Cross-Border Sales: The IDD makes it easier for insurance products to be sold across EU countries, helping to create a single market for insurance.
  4. Transparency and Conduct: Sellers must be transparent about the costs and details of insurance products, and they must act in the best interest of their clients.
IDD Detail

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MiFID II stands for the "Markets in Financial Instruments Directive II." It's a law in the European Union (EU) that regulates companies providing services linked to financial instruments (like stocks, bonds, units in collective investment schemes, and derivatives) and the places where those instruments are traded (like stock exchanges). Think of it as a set of rules to make financial markets more transparent, safe, and fair for everyone, especially for individual investors.
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