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BILA lunchtime lecture - Friday 16 th November 2012

BILA lunchtime lecture - Friday 16 th November 2012. Chairman: Michael Mendelowitz. Insurance mediation. The European Commission’s proposal for a recast Insurance Mediation Directive . Jonathan Foster. Agenda. Context Factors driving review Commission action Remuneration

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BILA lunchtime lecture - Friday 16 th November 2012

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  1. BILA lunchtime lecture - Friday 16th November 2012 Chairman: Michael Mendelowitz

  2. Insurance mediation The European Commission’s proposal for a recast Insurance Mediation Directive Jonathan Foster

  3. Agenda • Context • Factors driving review • Commission action • Remuneration • Legal form and structure • Content: Changes • Questions / discussion

  4. Context: factors driving review • Implementation check outcome • 2008 Financial crisis • G20 and consumer protection • Solvency II level 2

  5. 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)

  6. IMD page: Commission http://ec.europa.eu/internal_market/insurance/consumer/mediation/index_en.htm#maincontentSec3

  7. Context: remuneration • Remuneration, transparency and conflicts of interest post 2008 • Single market directive provisions

  8. 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

  9. Commission Proposal 3.7.2012 http://eur-lex.europa.eu/LexUriServ/ LexUriServ.do?uri=COM:2012:0360:FIN:EN:PDF

  10. 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

  11. Content Scope (Article 1) and Definitions (Article 2)

  12. Content: definitions Definitions (Article 2)

  13. Content Declaration procedure

  14. Content Organisational measures: CPD, general good rules http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2000:043:0005:0027:EN:PDF

  15. Content Conduct of business rules: • best interests; • fair clear and not misleading

  16. Content General remuneration provision

  17. Content Additional consumer protection for insurance investment products

  18. Content Additional consumer protection for insurance investment products Article 24 1. Repeats requirement to act honestly, fairly and professionally in accordance with the best interests of its customers 5. 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.

  19. Legislative timetablehttp://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?lang=en&reference=SWD(2012)0191

  20. QUESTIONS AND DISCUSSION Insurance mediation The European Commission’s proposal for a recast Insurance Mediation Directive Jonathan Foster

  21. BILA would like to give their thanks to Jonathan Foster for his talk today. Next lecture December 7th

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