Brussels, 06/11/2014 (Agence Europe) - On Wednesday 5 November, the member states reached an agreement in principle on the draft directive revising the rules on insurance mediation, in order to improve consumer protection and promote the creation of the single market.
The agreement will “increase consumer protection, enhance quality of information to the public and establish improved business rules for distributors”, said the Italian ambassador to the EU, Stefano Sannino, in a press release. The directive extends the scope of application to all distribution channels (e.g. to professionals selling insurance products as an ancillary activity). It aims to reduce conflicts of interest, tighten up administrative sanctions in the event of infringement, improve advice given to consumers and the professional qualifications of insurance sellers. Inter-institutional negotiations are to open with the European Parliament, which adopted its position in February (see EUROPE 11028). (MB)