IMD 2 Challenges & changes Dieter Pscheidl
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
IMD 2 Challenges & changes
Dieter Pscheidl
Representative to the European Union Austrian Insurance Association (VVO)
The International Insurance Mediation Conference 2011
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
This presentation reflects European developments and does not constitute an official position
of the Austrian Insurance Association (VVO).
Check against delivery.
Disclaimer
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
1. Starting point
2. Issues for reform
3. The way forward
Agenda
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
creation of a Single Market for insurance mediation
- professional qualifications
- register
- information duties
- liabilities and professional indemnity insurance
Directive on insurance mediation (2002/92/EC)
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
1. Starting point
2. Issues for reform
3. The way forward
Agenda
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
Quality of information insufficient
Intermediaries‘ remuneration & dual role of the broker
conflict of interest
scope of application legal uncertainty
Michel Barnier, EU Commissioner Internal Market & Services
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
(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.
Definition: What is insurance mediation?
sale
aftersale
presale
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
Direct sales?
Occupational pension products?
Large risk insurance products?
Websites?
Reinsurance brokers?
Scope: Who‘s in? Who‘s out?
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
„Sales without advice“ for insurance products?
Commissions for agents and brokers?
Disclosure of remuneration (upon request)
or reduction in yield?
Remuneration: conflicts of interest?
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
National distribution reforms: fee based remuneration
„Northern wind“
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
1. Starting point
2. Issues for reform
3. The way forward
Agenda
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
Legislative timetable
2011
2012/13
Proposal for a Directive by the European Commission (expected by December 2011)
Co-decision by Parliament and Council
National transposition in the Member States New regime comes into force
Public Consultation (until February 2011)
2014/15
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
Thank you !
Further information: [email protected]
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Dieter Pscheidl, VVO Istanbul, 28 March 2011 IMD 2: Challenges & Changes
PILLAR I
Acces to activity of insurance
intermediation_______________________
- Register- Professional knowledge- Professional indemnity
insurance
+ Definition of advice?
+ Rewording of exceptions?
+ Introduction of FOS and FOE definition
+ Notification
+ General good rules
PILLAR II
Intermediation & sales of insurance non-PRIPs
_______________________
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
PILLAR III
Intermediation & sales of insurance PRIPs
_______________________
Conduct and information rules (reference point: MiFID)
+ Demands and Needs
+ Conflict of interests
+ Transparency
+ Advised / non-advised sales
+ KIID
Potential structure of the future IMD 2