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Developments in public affairs from an intermediary’s perspective

Nic De Maesschalck BIPAR Director. Developments in public affairs from an intermediary’s perspective. 11th Insurance Professionals Conference 22 September 2014, Hungary. European Federation of Insurance Intermediaries.

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Developments in public affairs from an intermediary’s perspective

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  1. Nic De Maesschalck BIPAR Director Developments in public affairs from an intermediary’s perspective 11th InsuranceProfessionalsConference 22 September 2014, Hungary EuropeanFederation of InsuranceIntermediaries

  2. The EuropeanFederation of Insurance and Financial Intermediaries Established in Paris in 1937 Headquartered in Brussels since 1989 52 member associations in 32 countries Represents interests of intermediaries with European institutions Single voice of the profession at EU level www.bipar.eu A member of WFII (World Federation of Insurance Intermediaries)

  3. National Regulation Differentactors on the international scene 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  4. National Regulation Politicians Press Consumer organizations Insurers, financial institutions Clients Academics Public opinion Reputation Supervisor/ regulator Trade unions Market functioning Differentactors on the international scene Think tanks National Intermediaries National associations

  5. European Commission National Regulation Politicians Press Consumer organizations Academics Insurers, financial institutions Trade unions Market functioning Public opinion Reputation Supervisor/ regulator Clients Council of the EU BEUC, UNI-Europa European Parliament ESAs: EBA, EIOPA, ESMA European Federations: UEAPME, Insurance Europe, ... Differentactors on the international scene Think tanks National European Intermediaries National associations BIPAR

  6. IMF/World Bank European Commission National Regulation Clients Press Consumer organizations Academics Politicians Insurers, financial institutions Public opinion OECD WTO Reputation Supervisor/ regulator FSB FATF Trade unions Market functioning European Parliament ESAs: EBA, EIOPA, ESMA BEUC, UNI-Europa Council of the EU International Federations European Federations: UEAPME, Insurance Europe, ... IAIS Differentactors on the international scene Think tanks National WFII International Intermediaries European Basel Committee/IOSCO National associations BIPAR G20

  7. E-Commerce Directive Anti-Money Laundering Collective redress Distance selling Data protection Insurance Guarantee Schemes – Investor Compensation Schemes Gender Equality Corporate governance IMD II MiFID II UCITS Sanctions Credit agreements relating to residential property PRIPs Contract law Consumer Rights Directive Professional qualifications IORP ADR Solvency II Overview of topicsunder discussion, revision, implementation in Europe, with a potential impact on intermediation Insurance intermediaries Public procurement VAT, (FAT), FTT, IPT Assureurs, institutions financières

  8. E-Commerce Directive Anti-Money Laundering Collective redress Distance selling Data protection Insurance Guarantee Schemes – Investor Compensation Schemes Corporate governance IMD II MiFID II IORP Gender Equality Sanctions Credit agreements relating to residential property PRIPs Contract law Consumer Rights Directive Professional qualifications UCITS ADR Solvency II Overview of topicsunder discussion, revision, implementation in Europe, with a potential impact on intermediation + New regulatory instruments/ procedures/ESAs Insurance intermediaries Public procurement VAT, (FAT), FTT, IPT Assureurs, institutions financières

  9. 11th InsuranceProfessionalsConference - 22 September 2014, Hungary Some issues whichmay come on yourboard meetings agenda in the coming 3 years… because : itwillbeimposed by regulation or It willbe part of yourcorporate culture or It willbe part of yourcorporategovernance or It willbeimposed by your clients or It willjustbe part of business culture in general

  10. Intermediariesand insurerswillbeconfrontedwith new rules for the distribution of insurancebasedinvestmentproducts. For insurancebasedinvestmentproducts new rulesrepre-contractual information and productgovernancewillbecomeapplicable MiFID II PRIPs IMD II IORP revision 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  11. Intermediarieswillbe more transparent … About theirstatus About their services About the (nature of) remuneration IMD II/OECD/IAIS/OECD 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  12. Intermediarieswill (continue and) manage and mitigateconflicts of interest DG CompetitionSectorinquiry IAIS insurancecoreprinciples IMD II (proposal) MIFID II 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  13. New requirementsrelated to training • Training requirements • Continuousprofessionalrequirements 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  14. Intermediarieswill continue and give attention to complaints handling and the management of alternative dispute resolutionmechanisms. ADR Collective redress 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  15. Anti-fraudand antimoneylaunderingrules and « supervision » willbereinforced FATF IAIS EU 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  16. Intermediarieswill continue and protecttheir data and the data of the client Cyberrisk Data Protection regulation 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  17. SupervisoryAuthoritieshave new powers/mandates At national level At Europeanlevel (EIOPA,EBA, ESMA) 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  18. Intermediarieswith binding authoritieswill have more obligations Solvency II : Article 49 Outsourcing - more requirements in terms of fit and proper - more (structured) information to insurer 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  19. Intermediarieswill continue and give attention to competitionrules Block Exemption Regulation Pools 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  20. Intermediarieswill have more work in cases of multinational placements TMF IPT Quote : global insurance premium taxtool. Probablydefinition of FOS/ Foe in IMD II Increasing nr of countries change regulations 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  21. Someother challenges for the industry: • Image / reputation (as a sector) • Age / experience/ expertise / succession • Training • Explainingourspecificities • Adapting to new businessmodels • Ban on commissions in case of « independentinvestmentadvice » 11th InsuranceProfessionalsConference - 22 September 2014, Hungary

  22. IMF/World Bank European Commission National Regulation Clients Press Consumer organizations Academics Politicians Insurers, financial institutions Public opinion OECD WTO Reputation Supervisor/ regulator FSB FATF Trade unions Market functioning European Parliament ESAs: EBA, EIOPA, ESMA BEUC, UNI-Europa Council of the EU International Federations European Federations: UEAPME, Insurance Europe, ... IAIS Differentactors on the international scene Think tanks National WFII International Intermediaries European Basel Committee/IOSCO National associations BIPAR G20

  23. Nic De Maesschalck BIPAR Director Developments in public affairs from an intermediary’s perspective 11th InsuranceProfessionalsConference 22 September 2014, Hungary EuropeanFederation of InsuranceIntermediaries

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