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IMD 2 Challenges & changes Dieter Pscheidl

The International Insurance Mediation Conference 2011. IMD 2 Challenges & changes Dieter Pscheidl Representative to the European Union Austrian Insurance Association (VVO). Disclaimer. This presentation reflects European developments

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IMD 2 Challenges & changes Dieter Pscheidl

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  1. The International Insurance Mediation Conference 2011 IMD 2 Challenges & changes Dieter Pscheidl Representative to the European Union Austrian Insurance Association (VVO)

  2. Disclaimer This presentation reflects European developments and does not constitute an official position of the Austrian Insurance Association (VVO). Check against delivery.

  3. Agenda 1. Starting point 2. Issues for reform 3. The way forward

  4. Directive on insurance mediation (2002/92/EC)  creation of a Single Market for insurance mediation - professional qualifications - register - information duties - liabilities and professional indemnity insurance

  5. Agenda 1. Starting point 2. Issues for reform 3. The way forward

  6. Michel Barnier, EU Commissioner Internal Market & Services Quality of information  insufficient Intermediaries‘ remuneration & dual role of the broker  conflict of interest scope of application legal uncertainty

  7. Definition: What is insurance mediation? • (a) introducing,proposing or carrying out • other work preparatory to the conclusion of contracts of insurance, or • (b) concluding such contracts, or • (c) assisting in the administration and • performance of such contracts, • in particular in the event of a claim. presale sale aftersale

  8. Scope: Who‘s in? Who‘s out?  Direct sales?  Occupational pension products? Large risk insurance products?  Websites? Reinsurance brokers?

  9. Remuneration: conflicts of interest? • „Sales without advice“ for insurance products? •  Commissions for agents and brokers?  Disclosure of remuneration (upon request) or reduction in yield?

  10. „Northern wind“ National distribution reforms: fee based remuneration

  11. Agenda 1. Starting point 2. Issues for reform 3. The way forward

  12. Legislative timetable Public Consultation (until February 2011) 2011 Proposal for a Directive by the European Commission (expected by December 2011) Co-decision by Parliament and Council 2012/13 National transposition in the Member States New regime comes into force 2014/15

  13. Thank you ! Further information: dieter.pscheidl@vvo.at

  14. Potential structure of the future IMD 2 PILLAR I Acces to activity of insurance intermediation _______________________ PILLAR II Intermediation & sales of insurance non-PRIPs _______________________ PILLAR III Intermediation & sales of insurance PRIPs _______________________ • Register • Professional knowledge • Professional indemnity insurance • + Definition of advice? • + Rewording of exceptions? • + Introduction of FOS and FOE definition • + Notification • + General good rules Conduct and information rules based upon IMD I + More conflict of interest management via disclosures? + Remuneration disclosure upon request + Conditions for Member States to require more Conduct and information rules (reference point: MiFID) + Demands and Needs + Conflict of interests + Transparency + Advised / non-advised sales + KIID

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