{"change_dates":[],"dossier":{"amendments":[{"authors":"Roberto Gualtieri, Werner Langen,","changes":{},"committee":["ECON"],"compromise":["Draft proposal for a decision"],"date":"2017-10-12T00:00:00","id":"PE612.177-1","location":[["","Recital C"]],"meps":[96892,1928],"meta":{"created":"2019-07-03T06:13:31"},"new":["C. whereas Parliament considers that the","transposition deadline of Directive","(EU)2016/97 should remain 23 February","2018, but asks the Commission to adopt a","legislative proposal setting the application","date at 1 October 2018;"],"old":["C. whereas Parliament considers that the","transposition deadline of Directive","(EU)2016/97 should remain 23 February","2018 but asks the Commission to assess","whether the application date can be","extended to 1 October 2018;"],"orig_lang":"en","peid":"PE612.177v01-00","reference":"2017/2854(DEA)","seq":"1","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-612177_EN.pdf"}],"changes":{"2017-11-11T06:20:22":[{"data":[{"body":"unknown","date":"2014-02-26T00:00:00","type":"Matter referred back to the committee responsible"},{"body":"EP/CSL","date":"2017-09-21T00:00:00","type":"Initial period for examining delegated act 3 month(s)"},{"body":"EC","commission":[],"date":"2017-09-21T00:00:00","docs":[{"title":"C(2017)06218","type":"Non-legislative basic document published","url":"http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06218/COM_ADL(2017)06218_EN.pdf"}],"type":"Non-legislative basic document published"},{"body":"EP","committees":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true}],"date":"2017-10-04T00:00:00","type":"Committee referral announced in Parliament, 1st reading/single reading"},{"body":"EP","date":"2017-10-25T00:00:00","docs":[{"title":"T8-0404/2017","type":"Decision by Parliament, 1st reading/single reading","url":"http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0404"}],"type":"Decision by Parliament, 1st reading/single reading"}],"path":["activities"],"type":"added"},{"data":[],"path":["other"],"type":"added"},{"data":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true}],"path":["committees"],"type":"added"},{"data":{},"path":["links"],"type":"added"},{"data":{"dossier_of_the_committee":"ECON/8/11069","legal_basis":["Rules of Procedure of the European Parliament EP 010-p6"],"reference":"2017/2854(DEA)","stage_reached":"Awaiting Council decision on delegated act","subject":["2.50.05 Insurance, pension funds","3.45.05 Business policy, electronic commerce, after-sales service, commercial distribution"],"subtype":"Examination of delegated act","summary":["Supplementing"],"title":"Product oversight and governance requirements for insurance undertakings and insurance distributors","type":"DEA - Delegated acts procedure"},"path":["procedure"],"type":"added"}],"2017-11-24T05:25:34":[{"data":["
The European Parliament decided to raise no\nobjections to the Commission delegated regulation of 21\nSeptember 2017 supplementing Directive (EU) 2016/97 of the European\nParliament and of the Council with regard to product oversight and\ngovernance requirements for insurance undertakings and insurance\ndistributors.
\nAs a reminder, Directive\n(EU) 2016/97 on insurance distribution (\"IDD\") provides an\nupdated harmonised legal framework governing the rules applicable\nto the distribution of insurance and reinsurance products,\nincluding insurance-based investment products. It aims at enhancing\nprotection of consumers and retail investors buying insurance\nproducts or insurance-based investment products.
\nIDD introduces generalised product oversight and\ngovernance (POG) into EU insurance distribution law. The POG\nrules will be mainly addressed to manufacturers of insurance\nproducts, who will be obliged to operate a POG policy in order to\nensure on a continuous basis that all insurance products marketed\nare appropriate for their specific target market.
\nThe delegated Regulation specifies the criteria and\npractical details for the application of the POG\nrules.
\nGiven that the delegated regulation should apply from\n23 February 2018, the application date of Directive (EU) 2016/97,\nParliament considered that the full use of the three-month\nscrutiny period available to Parliament would not allow sufficient\ntime for industry to implement the necessary technical and\norganisational changes.
\nAccordingly, Members felt that swift publication of\nthe delegated regulation in the Official Journal would allow\ntimely implementation of and legal certainty concerning the\nprovisions applicable to product oversight and\ngovernance.
\nWhilst the deadline for transposition of Directive\n(EU) 2016/97 should remain 23 February 2018, Parliament asks the\nCommission to adopt a legislative proposal setting the\napplication date at 1 October 2018.
\nThe European Parliament decided to raise no\nobjections to the Commission delegated regulation of 21\nSeptember 2017 supplementing Directive (EU) 2016/97 of the European\nParliament and of the Council with regard to product oversight and\ngovernance requirements for insurance undertakings and insurance\ndistributors.
\nAs a reminder, Directive\n(EU) 2016/97 on insurance distribution (\"IDD\") provides an\nupdated harmonised legal framework governing the rules applicable\nto the distribution of insurance and reinsurance products,\nincluding insurance-based investment products. It aims at enhancing\nprotection of consumers and retail investors buying insurance\nproducts or insurance-based investment products.
\nIDD introduces generalised product oversight and\ngovernance (POG) into EU insurance distribution law. The POG\nrules will be mainly addressed to manufacturers of insurance\nproducts, who will be obliged to operate a POG policy in order to\nensure on a continuous basis that all insurance products marketed\nare appropriate for their specific target market.
\nThe delegated Regulation specifies the criteria and\npractical details for the application of the POG\nrules.
\nGiven that the delegated regulation should apply from\n23 February 2018, the application date of Directive (EU) 2016/97,\nParliament considered that the full use of the three-month\nscrutiny period available to Parliament would not allow sufficient\ntime for industry to implement the necessary technical and\norganisational changes.
\nAccordingly, Members felt that swift publication of\nthe delegated regulation in the Official Journal would allow\ntimely implementation of and legal certainty concerning the\nprovisions applicable to product oversight and\ngovernance.
\nWhilst the deadline for transposition of Directive\n(EU) 2016/97 should remain 23 February 2018, Parliament asks the\nCommission to adopt a legislative proposal setting the\napplication date at 1 October 2018.
\n