Activities of Catherine STIHLER related to 2012/0175(COD)
Plenary speeches (3)
Insurance mediation (debate)
Insurance mediation (A8-0315/2015 - Werner Langen)
Insurance mediation (debate)
Shadow reports (1)
SUPPLEMENTARY REPORT on the proposal for a directive of the European Parliament and of the Council on insurance mediation (recast) PDF (949 KB) DOC (329 KB)
Amendments (73)
Amendment 53 #
Proposal for a directive
Article 3 – paragraph 1 – subparagraph 3
Article 3 – paragraph 1 – subparagraph 3
Member States may stipulate that, where an insurance or reinsurance intermediary acts under the responsibility of an insurance or reinsurance undertaking or of another registered insurance or reinsurance intermediary, the latterinsurance intermediary or the undertaking shall not be responsible for ensuring that it meets the conditions for registration set out in this Directive. In such a case, the person or entity acceptingquired to provide the competent authority with the information in Article 3(7)(a) and (b) and the insurance entity responsibilityle shall, having been informed by the Member States of the matters set out in paragraph 7 of this Article, sub- paragraphs (a) and (b), be satisfied as to the matter set out in paragraph 7 of this Article, sub-paragraph (c) ensure that the insurance intermediary meets the conditions for registration and other provisions set out in this Directive. Member States may also stipulate that the person or entity which takes responsibility for the intermediary shall register that intermediary.
Amendment 54 #
Proposal for a directive
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
Member States shall ensure that the competent authorities do not register an insurance or reinsurance intermediary unless it is satisfied that the intermediary meets the requirements laid down in Article 8, or that another intermediary or undertaking will take the responsibility for ensuring that the intermediary meets these requirements in accordance with Article 3(1) paragraph 3.
Amendment 56 #
Proposal for a directive
Article 3 – paragraph 7 – point a
Article 3 – paragraph 7 – point a
(a) to provide information to their competent authorities of the identities of shareholders or members, whether natural or legal persons, that have a holding in the intermediary that exceeds 10% and the amounts of those holdings;ied intermediaries; and
Amendment 57 #
Proposal for a directive
Article 3 – paragraph 7 – point b
Article 3 – paragraph 7 – point b
(b) to provide information to their competent authorities of the identities of persons who have close links with the insurance or intermediaries where another insurance entity takes responsibility for ensuring that the intermediary meet these requirements in accordance with Article 3 (1)paragraph 3. Member states shall ensure that their competent authorities require that insurance and reinsurance intermediaries to whom Article 3(7) applies inform them without undue delay where insurance intermediary;formation provided under Article 3 (7)(a) and (b) changes.
Amendment 63 #
Proposal for a directive
Article 6 – paragraph 4 – subparagraph 4 a (new)
Article 6 – paragraph 4 – subparagraph 4 a (new)
Registered insurance and re-insurance intermediaries shall be allowed to take up and pursue the activity of insurance and reinsurance mediation in the Union by means of both freedom of establishment and freedom to provide services.
Amendment 64 #
Proposal for a directive
Article 6 – paragraph 4 – subparagraph 4 b (new)
Article 6 – paragraph 4 – subparagraph 4 b (new)
4 b. A registered insurance or reinsurance intermediary carries on an insurance mediation activity under the 'freedom of services' if: a) it carries on insurance or reinsurance mediation with or for a policyholder who resides or is established in a Member State different from the home Member State of the intermediary; b) any risk to be insured is situated in a Member State different from the home Member State of the intermediary; c) it must comply with article 6 paragraph 1 and paragraph 4.
Amendment 65 #
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Each Member State shall require that: a) any insurance intermediary which is a legal person have its head office in the same Member State as its registered office and that it actually operates there; b) any insurance intermediary which is not a legal person or any insurance intermediary which is a legal person but under its national law has no registered office have its head office in a Member State in which it actually carries on its business. If an insurance intermediary's primary place of business is located in another Member State, then the competent authority of that other Member State may agree with the home Member State competent authority to act as if it were the home Member State competent authority with regard to the obligations in chapters VI, VII and VIII of this Directive. In the event of such an agreement, the home Member State competent authority shall notify the insurance intermediary and EIOPA without delay.
Amendment 66 #
Proposal for a directive
Article 7 – paragraph 3 – introductory part
Article 7 – paragraph 3 – introductory part
3. Where the host Member State has grounds for concluding that an insurance or reinsurance intermediary acting within its territory under the freedom to provide services or through an establishment is in breach of any obligation set out in this Directive, and where the host Member State does not have powers under this Directive to take action in response to such breaches, it shall refer those findings to the competent authority of the home Member State which shall take the appropriate measures. In cases where, despite measures taken by the competent authority of the home Member State, an insurance or reinsurance intermediary persists in acting in a manner that is clearly prejudicial to the interests of host Member State consumers or the orderly functioning of insurance and reinsurance markets, the insurance or reinsurance intermediary shall be subject to the following measures:
Amendment 70 #
Proposal for a directive
Article 8 – paragraph 7 – subparagraph 2
Article 8 – paragraph 7 – subparagraph 2
Amendment 72 #
Proposal for a directive
Article 8 – paragraph 7 – subparagraph 3
Article 8 – paragraph 7 – subparagraph 3
Amendment 74 #
Proposal for a directive
Article 8 – paragraph 7 – subparagraph 4
Article 8 – paragraph 7 – subparagraph 4
Amendment 75 #
Proposal for a directive
Article 8 – paragraph 8
Article 8 – paragraph 8
Amendment 79 #
Proposal for a directive
Article 13 – paragraph 1 – introductory part
Article 13 – paragraph 1 – introductory part
1. Member States shall ensure the setting- up of appropriate, effective, impartial and independent complaints and redress procedures for the out-of-court settlement of disputes between insurance intermediaries and customers, and between insurance undertakings and customers, using existing bodies where appropriate. Member States shall further ensure that all insurance undertakings and insurance intermediaries participate in the procedures for the out-of-court settlement of disputes where the following conditions are met:
Amendment 84 #
Proposal for a directive
Article 13 – paragraph 1 – point a a (new)
Article 13 – paragraph 1 – point a a (new)
(a a) Where a customer initiates a procedure for alternative dispute resolution laid down in national law against an insurance intermediary or insurance undertaking with regard to a dispute concerning rights and obligations established under this Directive the insurance intermediary or insurance undertaking shall be required to participate in that procedure. For the purposes of the application of this of this Directive the competent authorities shall cooperate with each other and with the entities responsible for out-of-court complaint and redress procedure referred to above and to the extent permitted by EU Directives or regulations in force.
Amendment 86 #
Proposal for a directive
Article 13 – paragraph 1 – point b
Article 13 – paragraph 1 – point b
Amendment 89 #
Proposal for a directive
Article 13 – paragraph 1 – point c
Article 13 – paragraph 1 – point c
Amendment 92 #
Proposal for a directive
Article 13 – paragraph 1 – point d
Article 13 – paragraph 1 – point d
Amendment 95 #
Proposal for a directive
Article 13 – paragraph 1 – point e
Article 13 – paragraph 1 – point e
Amendment 98 #
Proposal for a directive
Article 13 – paragraph 1 – point f
Article 13 – paragraph 1 – point f
Amendment 102 #
Proposal for a directive
Article 13 – paragraph 2
Article 13 – paragraph 2
Amendment 104 #
Proposal for a directive
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2 a. Member States shall ensure that insurance intermediaries established on their territories inform consumers about the name, address and website address of the ADR entities by which they are covered and which are competent to deal with potential disputes between themselves and consumers.
Amendment 105 #
Proposal for a directive
Article 13 – paragraph 2 b (new)
Article 13 – paragraph 2 b (new)
2 b. Insurance intermediaries within the Union engaging in online and cross- border online sales shall inform consumers about the ODR platform, if applicable and about their email address. This information shall be made easily, directly, prominently and permanently accessible on the insurance intermediaries' website and if the offer is made by e-mail or another textual message transmitted by electronic means, in that message. It shall include an electronic link to the ODR platform's homepage. Insurance intermediaries shall also inform consumers about the ODR platform when the consumer submits a complaint to the insurance intermediary, a consumer complaint handling system operated by the insurance intermediary or to a company ombudsman.
Amendment 114 #
Proposal for a directive
Recital 4
Recital 4
(4) Various types of persons or institutions, such as agents, brokers and ‘bancassurance’ operators, insurance undertakings, travel agents and car rental companies can distribute insurance products. ETo ensure equality of treatment between insurance operators and a consistent level of customer protection requires that all these persons or institutions be covered by this Directive.
Amendment 118 #
Proposal for a directive
Recital 6
Recital 6
(6) In order to guarantee that the same level of consumer protection applies regardless of the channel through which consumers buy an insurance product, either directly from an insurance undertaking or indirectly from an intermediary, the scope of the Directive needs to cover not only insurance undertakings but all other market participants who sell insurance products on an ancillary basis (e.g. travel agents and car rental companies, suppliers of goods not meeting conditions for the exemption).
Amendment 126 #
Proposal for a directive
Article 17 – paragraph 5
Article 17 – paragraph 5
Amendment 128 #
Proposal for a directive
Article 18 – paragraph 1 – introductory part
Article 18 – paragraph 1 – introductory part
1. Prior to the conclusion of any specific contract, the insurance intermediary – including tied ones– or insurance undertaking shall indentspecify , on the basis of information provided by the customer:
Amendment 141 #
Proposal for a directive
Recital 30
Recital 30
(30) Consumers should be provided in advance with clear information about the status of the persons who sell the insurance product and about the remuneration which they receive. There is a need to introduce a mandatory status disclosure for European insurance intermediaries and insurance undertakings. This information should be given to the consumer at the pre- contractual stage. Its role is to showmake the relationship between the insurance undertaking and the intermediary (where applicable) as well as the structure and the content of the intermediaries' remuneration more transparent.
Amendment 143 #
Proposal for a directive
Recital 30
Recital 30
(30) Consumers should be provided in advance with clear information about the status of the persons who sell the insurance product and about the remuneration which they receive. There is an urgent need to introduce a mandatory status disclosure for European insurance intermediaries and insurance undertakings. This information should be given to the consumer at the pre- contractual stage. Its rolpurpose is to showhelp make the relationship between the insurance undertaking and the intermediary (where applicable) as well as the structure and the content of the intermediaries' remuneration more transparent to the consumer.
Amendment 148 #
Proposal for a directive
Article 22 – paragraph 1 – point a
Article 22 – paragraph 1 – point a
Articles 23 (1) and (2) shall also apply ton insurance intermediaries and insurance undertakings when carrying out insurance mediation in relation to all insurance products.
Amendment 149 #
Proposal for a directive
Recital 31
Recital 31
(31) In order to mitigate conflicts of interest between the seller and the buyer of an insurance product, it is necessary to ensure sufficient disclosure of remuneration of insurance distributors. Accordingly, for life insurance products, the intermediary and the employee of the insurance intermediary or the insurance undertaking should be obliged to inform the customer about its remuneration, in advance of the sale. For other insurance products, subject to a transitional period of 5 years, the customer must be informed of the customer's right to request this information, which must be provided to the customer upon requestsame rules will apply.
Amendment 150 #
Proposal for a directive
Article 22 – paragraph 1 – point b
Article 22 – paragraph 1 – point b
Member States may maintain or adopt stricter provisions regarding the customer protection requirements referred to in Articles 23, 24 and 25 provided that such provisions comply with Union law. ESMA and EIOPA should work together to achieve as much consistency as possible in the conduct of business standards for retail investment products that are subject to either (MiFID II) or to this Directive through guidelines.
Amendment 162 #
Proposal for a directive
Recital 37
Recital 37
(37) Prior to the conclusion of a contract, including in the case of non-advised sales, the customer should be given the relevant information about the insurance product to allow the customer to make an informed decision. The insurance intermediary should be able to explain to the customer the key features of the insurance products it sells and therefore its staff should be given appropriate resources and time to do so.
Amendment 166 #
Proposal for a directive
Recital 40
Recital 40
(40) This Directive should specify the minimum obligations which insurance undertakings and insurance intermediaries should have in providing information to customers. A Member State should be able to in this area maintain or adopt more stringent provisions which may be imposed on insurance intermediaries and insurance undertakings independently of the provisions of their home Member State where they are pursuing insurance mediation activities on its territory provided that any such more stringent provisions comply with Union law, including Directive 2000/31/EC of the European Parliament and of the Council of 8 June 2000 on certain legal aspects of information society services, in particular electronic commerce, in the Internal Market (Directive on electronic commerce). A Member State which proposes to apply and applies provisions regulating insurance intermediaries and the sale of insurance products in addition to those set out in this Directive should ensure that the administrative burden stemming from these provisions is proportionate for consumer protection. In the interest of consumer protection and in order to prevent mis-selling of insurance products, Member States should be permitted to apply exceptionally the more stringent requirements to such insurance intermediaries conducting insurance mediation on an ancillary basis if they consider it necessary and proportionate.
Amendment 175 #
Proposal for a directive
Recital 47
Recital 47
(47) In order to detect potential breaches, the competent authorities should have the necessary investigatory powers, and should establish effective mechanisms to encourage reporting of potential or actual breaches which provide appropriate protection for those who denounce such breaches.
Amendment 206 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 – subparagraph 1
Article 2 – paragraph 1 – point 3 – subparagraph 1
3. ‘insurance mediation’ means the activities of advising on , proposing or carrying out other work preparatory to the conclusion of contracts of insurance, concluding such contracts or assisting in the administration and performance of such contracts, in particular in the event of a claim , and the activity of professional management of claims and loss adjusting, including price comparison websites. These activities shall be considered to be insurance mediation also if carried on by an insurance undertaking without the intervention of an insurance intermediary.
Amendment 209 #
Proposal for a directive
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
4. ‘insurance investment product’ means a contract of insurance which could be also classified as an ‘investment product’ as defined in Article 2(a) of [Regulation on key information documents for investment products (PRIPs Regulation)]; excluding those defined in Article 2(e) and (f) in the PRIPS Regulation regarding occupational pension schemes and pension products for which a financial contribution from the employer is required by national law and where the employee has no choice as to the pension product provider;
Amendment 222 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
9. ‘advice’ means the provision of a personal recommendation to a customer, either upon their request or at the initiative of the insurance undertaking or the insurance intermediary;
Amendment 223 #
Proposal for a directive
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
10. ‘'contingent commission’' means a remuneration in the form of a commission where the amount payable is based on the achievement of agreedproduct or sales targets relating to the business placedactivities run by the intermediary with that insurer;
Amendment 232 #
Proposal for a directive
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
(18) ‘'remuneration’' means any commission, fee, charge or other payment, including an economic benefit or inducement of any kind, offered, paid or given in connection with insurance mediation activities.
Amendment 248 #
Proposal for a directive
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
Except as provided in Article 4, insurance and reinsurance intermediaries shall be registered with a competent authority as defined in Article 7(2), in their home Member State. Insurance and reinsurance undertakings registered in Member States under Directive 73/239/EEC, Directive 2002/83/EC and Directive 2005/68/EC and their employees shall not be required to register again under this Directive.
Amendment 261 #
Proposal for a directive
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. Registered insurance and reinsurance intermediaries shall be allowed to take up and pursue the activity of insurance and reinsurance mediation in the Community by means of both freedom of establishment and freedom to provide services
Amendment 286 #
Proposal for a directive
Article 4 – paragraph 4
Article 4 – paragraph 4
4. Intermediaries who are subject to paragraphs 1 and 2 of this Article shall be subject to the provisions of Chapters I, III, IV, V, VIII, IX and Articles 15, 16, 17 and 168 of this Directive.
Amendment 299 #
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
Member States shall ensure that insurance and reinsurance intermediaries and members of staff of insurance undertakings carrying out insurance mediation activities regularly update their knowledge and ability appropriate to the function they are performing and the relevant market through continuing professional development in order to maintain an adequate level of performance. To that end, Member States shall have in place mechanisms to control, asses, and certify the knowledge and skills through independent bodies.
Amendment 302 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
Insurance and reinsurance intermediaries and members of staff of insurance undertakings carrying out insurance mediation activities shall be of good repute. As a minimum, theyose directly involved in the marketing or selling of the product shall have a clean police record or any other national equivalent in relation to serious criminal offences linked to crimes against property or other crimes related to financial activities and they should not have previously been declared bankrupt, unless they have been rehabilitated in accordance with national law.
Amendment 317 #
Proposal for a directive
Article 8 – paragraph 8 – point a
Article 8 – paragraph 8 – point a
(a) the notion of adequate knowledge and ability of the intermediary and members of staff of insurance undertakings when carrying on insurance mediation with its customers as referred to in paragraph 1 of this Article;
Amendment 318 #
Proposal for a directive
Article 8 – paragraph 8 – point c
Article 8 – paragraph 8 – point c
(c) the steps that insurance intermediaries and members of staff of insurance undertakings might reasonably be expected to take to update their knowledge and ability through continuing professional development in order to maintain an adequate level of performance.
Amendment 323 #
Proposal for a directive
Article 10 – paragraph 3 – subparagraph 1 a (new)
Article 10 – paragraph 3 – subparagraph 1 a (new)
1a. Such powers shall include, at least, the rights to: (a) have access to any document in any form whatsoever which would be relevant for the performance of the supervisory duties and to receive a copy of it; (b) demand information from any person and if necessary to summon and question a person with a view to obtaining information; (c) carry out on-site inspections including undercover ones;
Amendment 331 #
Proposal for a directive
Article 13 – paragraph 1 – point a
Article 13 – paragraph 1 – point a
(a) the procedure results in decisions which are not binding;binding for the insurance undertaking or the intermediary.
Amendment 332 #
Proposal for a directive
Article 13 – paragraph 1 – point b
Article 13 – paragraph 1 – point b
Amendment 333 #
Proposal for a directive
Article 13 – paragraph 1 – point c
Article 13 – paragraph 1 – point c
Amendment 334 #
Proposal for a directive
Article 13 – paragraph 1 – point d
Article 13 – paragraph 1 – point d
Amendment 335 #
Proposal for a directive
Article 13 – paragraph 1 – point e
Article 13 – paragraph 1 – point e
Amendment 336 #
Proposal for a directive
Article 13 – paragraph 1 – point f
Article 13 – paragraph 1 – point f
Amendment 338 #
Proposal for a directive
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. Member States shall ensure that insurance intermediaries established on their territories inform consumers about the name, address and website address of the ADR entities by which they are covered and which are competent to deal with potential disputes between themselves and consumers. Insurance intermediaries within the Union engaging in online and cross- border online sales shall inform consumers about ODR platform, if applicable and about their email address. This information should be made easily, directly, prominently and permanently accessible on the insurance intermediary’s website and if the offer is made by e-mail or another textual message transmitted by electronic means, in that message. It shall include an electronic link to the ODR platform's homepage. Insurance intermediaries shall also inform consumers about the ODR platform when the consumer submits a complaint to the insurance intermediary or to a company ombudsman.
Amendment 339 #
Proposal for a directive
Article 13 a (new)
Article 13 a (new)
Article 13a Where a customer initiated a procedure for alternative dispute resolution laid down in national law against an insurance intermediary or insurance undertaking with regard to a dispute concerning rights and obligations established under this Directive the insurance intermediary or insurance undertaking shall be required to participate in that procedure. For the purposes of the application of this directive the competent authorities shall cooperate with each other and with the entities responsible for out-of-court complaint and redress procedure referred to above and to the extent permitted by EU Directives or regulations in force.
Amendment 346 #
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Member States shall require that, when carrying out insurance mediation with or for customers, an insurance intermediary or insurance undertaking always acts honestly, fairly and professionally in accordance with the best interests of its customers.
Amendment 352 #
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. All information, including marketing communications, addressed by the insurance intermediary or insurance undertaking to customers or potential customers shall be fair, clear and not misleading. Marketing communications shall always be clearly identifiable as such.
Amendment 356 #
Proposal for a directive
Article 16 – paragraph 1 – point a – point ii
Article 16 – paragraph 1 – point a – point ii
(ii) whether or not it offers or provides any type of advice about the insurance products sold and the nature of such advice;
Amendment 385 #
Proposal for a directive
Article 17 – paragraph 1 – point d
Article 17 – paragraph 1 – point d
(d) the nature and amount of the remuneration received directly or indirectly in relation to the insurance contract;
Amendment 388 #
Proposal for a directive
Article 17 – paragraph 1 – point e – introductory part
Article 17 – paragraph 1 – point e – introductory part
(e) whether in relation to the insurance contract and any proposed ancillary services or products, it works:
Amendment 404 #
Proposal for a directive
Article 17 – paragraph 1 – point f a (new)
Article 17 – paragraph 1 – point f a (new)
(fa) if the intermediary receives other kind of remuneration in connection with insurance mediation activities, the nature and the economic value of this remuneration;
Amendment 428 #
Proposal for a directive
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
(a) provide the customer with the amount or, where the precise amount is not capable of being given, the basis of calculation of the fee or commission or the combination of both, if the customer so requests.
Amendment 439 #
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The insurance undertaking or insurance intermediary shall also inform the customer about the nature and the basis of the calculation of any variable remuneration received by any employee of theirs for distributing and managing the insurance product in question as well as any proposed ancillary service or product.
Amendment 446 #
Proposal for a directive
Article 17 – paragraph 4 a (new)
Article 17 – paragraph 4 a (new)
4a. Member States shall ensure that the manner in which an insurance intermediary or an insurance undertaking remunerates its staff, appoints representatives or other insurance intermediaries does not impede compliance with its obligation to act in the best interest of its clients referred to in Article 15 and shall require to take all reasonable steps to identify and manage conflicts of interest between themselves or any person directly or indirectly linked to them and their customers and to operate effective organisational and administrative arrangements to that purpose. Where such arrangements are not sufficient to with reasonable confidence that the existence of the conflict will be prevented, the insurance intermediary or the insurance undertaking shall refuse the business irrespective of any customer consent.
Amendment 478 #
Proposal for a directive
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
2a. Member States shall ensure that where advice is provided, it should constitute a separate service from the selling of an insurance and that such a service can only be marketed as advice when: (a) the adviser has the appropriate professional competence; and (b) A separate charge for advice can only be made if the consumer has been informed of the requirement to pay a charge and of method used for its calculation.
Amendment 480 #
Proposal for a directive
Article 18 – paragraph 3
Article 18 – paragraph 3
3. When the insurance intermediary or the insurance undertaking inform the customer that it gives its advice on the basis of a fair analysisgives advice, it is obliged to give that advice on the basis of an analysis of a sufficiently large number of insurance contracts available on the market, to enable him it to make a personal recommendation in the best interest of the consumer, in accordance with professional criteria, regarding which insurance contract would be adequatmost suitable to meet the customer's needs.
Amendment 511 #
Proposal for a directive
Article 21 – paragraph 2
Article 21 – paragraph 2
2. When an insurance service or product is offered together with any other service or product as a package, the insurance undertaking or, where applicable, the insurance intermediary shall offer and inform the customer that it is possible to buy the components of the package separately and shall offer this possibility and provide information of the costs and charges of each component of the package that may be bought through or from it separately.
Amendment 541 #
Proposal for a directive
Article 22 a (new)
Article 22 a (new)
Article 22 a Article 23 (1) and (2) shall also apply to insurance intermediaries and insurance undertakings when carrying out insurance mediation in relation to all products. Member States may obtain or adopt stricter provisions regarding the customer protection requirements referred to in Articles 23, 24 and 25 provided that such provisions comply with Union law. ESMA and EIOPA should work together to achieve as much consistency as possible in the conduct of business standards for retail investment products that are subject to either (MiFID II) or to this Directive through guidelines.
Amendment 552 #
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Member States shall require that, when carrying out insurance mediation with or for customers, an insurance intermediary or insurance undertaking always acts honestly, fairly and professionally in accordance with the best interests of its customers and complies, in particular, with the principles set out in this Article and in Article 25.
Amendment 555 #
Proposal for a directive
Article 24 – paragraph 2
Article 24 – paragraph 2
2. All information, including marketing communications, addressed by the insurance intermediary or insurance undertaking to customers or potential customers shall always be fair, clear and not misleading. Marketing communications shall be clearly identifiable as such by the consumer.
Amendment 653 #
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Member States shall ensure that the competent authorities establish effective mechanisms to encourage reporting of potential or actual breaches of national provisions implementing this Directive to the competent authorities.
Amendment 654 #
Proposal for a directive
Article 30 – paragraph 2 – point b
Article 30 – paragraph 2 – point b
(b) appropriate protection for employees of insurance or reinsurance undertakings or intermediaries who denounce, including anonymity where appropriate, for those who denounce the commission of breaches committed within them; and
Amendment 657 #
Proposal for a directive
Article 31 a (new)
Article 31 a (new)