trending Market Intelligence /marketintelligence/en/news-insights/trending/hwq6ehtfedb8rpu7jllpga2 content esgSubNav
In This List

Council of the EU approves delay of new EU insurance distribution rules

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Investment Research Brokers Ramp up Cryptocurrency Coverage

Blog

COVID-19 Impact & Recovery: Financial Industry Outlook for H2 2021


Council of the EU approves delay of new EU insurance distribution rules

The Council of the European Union agreed to a proposal by the European Commission to extend the transposition deadline and application of new rules on insurance distribution.

The new Insurance Distribution Directive, which is aimed at improving consumer protection for insurance products, was due to take effect Feb. 23, and member states had until then to transpose it into national laws and regulations.

Following the agreement, the transposition deadline of the new rules was set for July 1 and the application date for Oct. 1.

"The delay will enable the insurance industry to better prepare for the directive and for the changes necessary to comply with implementing rules," the Council said in a Feb. 14 statement.

Given that the European Parliament and the Council are not expected to adopt the amending directive before March, the delay will apply retroactively from Feb. 23, the statement added.