Insurance Distributions Regulations (IDR)
The Insurance Distribution Directive (IDD) was transposed by the European Union (Insurance Distribution) Regulations 2018 (the “IDR”) and was signed into law on 27 June 2018. It came into effect on 1 October 2018.
The IDR replaced the European Communities (Insurance Mediation) Regulations 2005 (the “IMR”) with the objective of creating a level playing field across all parties selling insurance products. It amends the scope of the IMR to cover insurance companies and other businesses that sell insurance, as opposed to only insurance intermediaries. It also introduces new and/or enhanced rules for the protection of consumers. A number of these requirements already apply under existing regulatory requirements.
Learners will complete a 4 part module, covering the following:
a) IDR Background & Implementation
b) Legislative Overview
c) Key Changes
d) Key Definitions and Concepts
Part 2: Organisational Requirements
a) Competency & CPD Requirements;
b) Interaction with the Minimum Competency Code and Fitness and Probity Regimes;
e) Premium Handling
f) Internal Procedures
g) Product Oversight and Governance Requirements
h) Product Distribution Arrangements
a) Pre-sale Information Disclosures
b) Insurance Product Information Document (IPID).
c) Insurance Based Investment Products (“IBIPs”)
d) Point of Sale Requirements
e) Post-sale Requirements
f) Conflicts of Interest
a) Freedom of Services
b) Tied Agents
c) Interaction with the Consumer Protection Code
d) IDR Requirements Summary
This course will take approximately 1 hour to complete.
Accredited for 1 CPD hour with both IOB, LIA, and The III.