TO THE MEMBERS
INSURANCE DISTRIBUTION DIRECTIVE
The Insurance Distribution Directive (IDD) will apply in the EU/EEA from 1st October, replacing the existing Insurance Mediation Directive (IMD) and expanding upon the existing IMD requirements. The IDD introduces new requirements for insurers and intermediaries including:
The IDD will apply to all EU/EEA risks written by the UK P&I Club. However, the requirements for production of an IPID, assessment of customers’ demands and needs, and provision of pre-contract information only apply to distribution of insurance to consumers, and not to business to business relationships. Therefore, neither the Club nor the Managers will provide these to Members or brokers. Renewal and membership application documents are being updated to provide IDD-compliant remuneration disclosures in respect of the Managers’ remuneration. The Managers already hold professional indemnity cover in excess of the IDD requirements.
Members or brokers who have any questions regarding IDD, its implementation and the effect on Members and brokers should contact Paul Knight, the Club’s Head of Compliance.
For more information
Please contact Paul Knight at email@example.com or via telephone +44 20 7204 2229