On 14 March 2018, the European Parliament and the Council of the European Union adopted Directive 2018/411 postponing the application of the Insurance Distribution Directive ('IDD') to 1 October 2018. Directive 2018/411 also extends to 1 July 2018 the deadline for member states to transpose the IDD into national laws.
The European Parliament held that the postponement from 23 February 2018 to 1 October 2018 for the coming into force of the IDD is to give insurance undertakings and insurance distributors more time to better prepare for a correct an effective implementation of the IDD. Directive 2018/411 also notes that a delay was required to ensure legal certainty and to avoid potential market disruptions.
Directive 2018/411 shall apply with retroactive effect from 23 February 2018
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.