European insurance regulation

What is the sale of insurance products in the EU? It sets out to harmonise regulation of the insurance market across the single European market and to improve consumer protection standards. These include European initiatives such as the Insurance Distribution Directive (IDD) and General Data Protection Regulation (GDPR) and UK based FCA initiatives in the General Insurance and Long Term Savings sectors, as well as its broader work across subjects such as consumer vulnerability, access to financial services and the UK financial advice regime. Insurance Europe is in favour of an effective EU insurance distribution framework that enables consumers to make informed decisions and protects them from unfair practices.

To effectively protect and empower consumers in Europe , EU policy must be consistent, coherent and well-designed.

This is, however, a considerable challenge. The Insurance Distribution Directive is EU legislation which sets regulatory requirements for firms designing and selling insurance products. Insurance Europe is the European (re) insurance federation COVID-19: Insurance Europe remains fully operational In line with Belgian government requirements , Insurance Europe ’s offices are closed until further notice. The EESC has six sections, specialising in concrete topics of relevance to the citizens of the European Union, ranging from social to economic affairs, energy, environment, external relations or the internal market. INTERNATIONAL INSURANCE REGULATION.

The European Union (EU) is a grouping of European countries which have agreed to a process of cooperation and integration in economic, political and judicial affairs. They outline the European insurance market before going on to show how Solvency II and Insurance Distribution Directive (IDD) are expected to generate significant benefits and have a positive impact on all parties involved in the insurance industry, the supervisory authorities and the insured. The IDD requires that in order to make an informed decision about an insurance product before purchasing the customer should be given information in a standardised format.

This Regulation shall apply to insurance undertakings and to insurance intermediaries that manufacture insurance products that are offered for sale to customers (‘manufacturers’), as well as to insurance distributors that advise on, or propose, insurance products that they do not manufacture. Commission Delegated Regulation of 13. Thus, this type of regulation governs capitalization, reserve policies, rates and various other back office processes. InsuranceData is an interactive tool detailing the latest data from the European insurance industry. The data is provided by Insurance Europe members (the members of the European Union (except Lithuania), Switzerlan Icelan Norway, Liechtenstein and Turkey).

To use the tool, open one of the dropdown menus and hover over the chart to see the data points, or click the premiums and claims charts for more detailed data. Solvency regulations seek to ensure that the solvency of insurers is maintained and to remedy the effects of an insolvency when it does occur. Insurance regulation consists mostly of state laws and other regulations regarding the solvency and markets of insurance companies. See the relevant regulators for each country in the EU and European Economic Area (EEA).

Polling and Market Abuse Regulation ;. Portuguese Insurance and Pension. All you need to know about your insurance cover for driving in Europe: Is your insurance valid in another EU country? The aim of the Principles of European Insurance Contract Law (PEICL) is to establish a voluntary insurance contract law regime across the EU. Although progress has been made towards a single European insurance market, relatively little cross-border insurance business is actually being done outside the field of large commercial risks. Insurance Europe has today published a new paper on how EU policymakers can ensure rules for insurers work properly and benefit consumers.

The insurance industry firmly supports high-quality regulation that protects consumers and helps them to buy the right products.

EU Insurance Regulation inquiry. This inquiry closed on when Parliament dissolved for the general election. The inquiry cannot be re-opene but the Committee may choose to hold another inquiry on this subject in the future and may refer to the evidence gathered in previous parliaments if it does so. A regulation is a binding legislative act. It must be applied in its entirety across the EU.

For example, when the EU wanted to make sure that there are common safeguards on goods imported from outside the EU, the Council adopted a regulation.