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2017/2855(DEA) Information requirements and conduct of business rules applicable to the distribution of insurance-based investment products

Progress: Procedure completed - delegated act enters into force

RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier:
Legal Basis:
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Events

2017/11/10
   CSL - Delegated act not objected by Council
2017/10/31
   European Commission - Document attached to the procedure
Documents
C(2017)7417
2017/10/25
   EP - Decision by Parliament
Details

The European Parliament decided to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products.

As a reminder, Directive (EU) 2016/97 on insurance distribution ("IDD") provides an updated harmonised legal framework governing the rules applicable to the distribution of insurance and reinsurance products, including insurance-based investment products. It aims at enhancing protection of consumers and retail investors buying insurance products or insurance-based investment products.

IDD provides a specific chapter with additional conduct of business requirements for the sale of insurance-based investment products to guarantee a consistent standard of protection for retail investors.

The delegated Regulation is based on three empowerments in the chapter on additional conduct of business requirements for the sale of insurance-based investment products. It aims at specifying the criteria and practical details for the application of the rules on conflicts of interest, on inducements and on the assessment of suitability (which applies in the case of sales with advice) and appropriateness (to be applied in sales where the customer, in conformity with the applicable national law requires no advice.)

Given that the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, Parliament considered that the full use of the three-month scrutiny period available to it would not allow sufficient time for industry to implement the necessary technical and organisational changes.

Accordingly, Members felt that swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance.

Whilst the deadline for transposition of Directive (EU) 2016/97 should remain 23 February 2018, Parliament asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018.

Text adopted by Parliament, single reading

Documents
T8-0405/2017
2017/10/20
   European Parliament - Recommendation for early non-objection of delegated act
Documents
B8-0575/2017
2017/10/12
   European Parliament - Amendments tabled in committee
Documents
PE612.175
2017/10/04
   EP - Committee referral announced in Parliament
2017/09/21
   European Commission - Non-legislative basic document
Documents
C(2017)06229
2017/09/21
   EC - Non-legislative basic document published
Documents
C(2017)06229
2017/09/21
   Initial period for examining delegated act 3.0 month(s)
2014/02/26
   EP - Matter referred back to the committee responsible

Documents

  • Document attached to the procedure: C(2017)7417
  • Decision by Parliament: T8-0405/2017
  • Recommendation for early non-objection of delegated act: B8-0575/2017
  • Amendments tabled in committee: PE612.175
  • Non-legislative basic document: C(2017)06229
  • Non-legislative basic document published: C(2017)06229
  • Amendments tabled in committee: PE612.175
  • Recommendation for early non-objection of delegated act: B8-0575/2017
  • Non-legislative basic document: C(2017)06229
  • Document attached to the procedure: C(2017)7417
AmendmentsDossier
1 2017/2855(DEA)
2017/10/12 ECON 1 amendments...
source: 612.175

History

(these mark the time of scraping, not the official date of the change)

2024-12-18Show (16) Changes | Timetravel
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2017-09-21T00:00:00
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Text adopted by Parliament, single reading
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Old
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ECON/8/11071
procedure/legal_basis
Old
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2024-10-13Show (2) Changes | Timetravel
procedure/legal_basis/0
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2024-10-12Show (2) Changes | Timetravel
procedure/legal_basis/0
Rules of Procedure EP 0114-p6
procedure/legal_basis/0
Rules of Procedure EP 0111-p6
2021-05-05Show (5) Changes | Timetravel
docs/1/docs/0/url
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2020-01-05Show (2) Changes | Timetravel
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New
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2019-08-07Show (1) Changes | Timetravel
committees/0/date
    2019-07-06Show (12) Changes | Timetravel
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    • date: 2017-10-25T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0405 title: T8-0405/2017 summary: The European Parliament decided to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. As a reminder, Directive (EU) 2016/97 on insurance distribution ("IDD") provides an updated harmonised legal framework governing the rules applicable to the distribution of insurance and reinsurance products, including insurance-based investment products. It aims at enhancing protection of consumers and retail investors buying insurance products or insurance-based investment products. IDD provides a specific chapter with additional conduct of business requirements for the sale of insurance-based investment products to guarantee a consistent standard of protection for retail investors. The delegated Regulation is based on three empowerments in the chapter on additional conduct of business requirements for the sale of insurance-based investment products. It aims at specifying the criteria and practical details for the application of the rules on conflicts of interest, on inducements and on the assessment of suitability (which applies in the case of sales with advice) and appropriateness (to be applied in sales where the customer, in conformity with the applicable national law requires no advice.) Given that the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, Parliament considered that the full use of the three-month scrutiny period available to it would not allow sufficient time for industry to implement the necessary technical and organisational changes. Accordingly, Members felt that swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance. Whilst the deadline for transposition of Directive (EU) 2016/97 should remain 23 February 2018, Parliament asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018.
    • date: 2017-11-10T00:00:00 type: Delegated act not objected by Council body: CSL
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      Rules of Procedure EP 0111-p6
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      • 2.50.05 Insurance, pension funds
      • 3.45.05 Business policy, e-commerce, after-sales service, commercial distribution
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      2018-09-12Show (4) Changes | Timetravel
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      New
      3.45.05 Business policy, e-commerce, after-sales service, commercial distribution
      2017-11-24Show (1) Changes | Timetravel
      activities/4/docs/0/text

      • The European Parliament decided to raise no objections to the Commission delegated regulation of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products.

        As a reminder, Directive (EU) 2016/97 on insurance distribution ("IDD") provides an updated harmonised legal framework governing the rules applicable to the distribution of insurance and reinsurance products, including insurance-based investment products. It aims at enhancing protection of consumers and retail investors buying insurance products or insurance-based investment products.

        IDD provides a specific chapter with additional conduct of business requirements for the sale of insurance-based investment products to guarantee a consistent standard of protection for retail investors.

        The delegated Regulation is based on three empowerments in the chapter on additional conduct of business requirements for the sale of insurance-based investment products. It aims at specifying the criteria and practical details for the application of the rules on conflicts of interest, on inducements and on the assessment of suitability (which applies in the case of sales with advice) and appropriateness (to be applied in sales where the customer, in conformity with the applicable national law requires no advice.)

        Given that the delegated regulation should apply from 23 February 2018, the application date of Directive (EU) 2016/97, Parliament considered that the full use of the three-month scrutiny period available to it would not allow sufficient time for industry to implement the necessary technical and organisational changes.

        Accordingly, Members felt that swift publication of the delegated regulation in the Official Journal would allow timely implementation of and legal certainty concerning the provisions applicable to product oversight and governance.

        Whilst the deadline for transposition of Directive (EU) 2016/97 should remain 23 February 2018, Parliament asks the Commission to adopt a legislative proposal setting the application date at 1 October 2018.
      2017-11-11Show (5) Changes
      activities
      • date: 2014-02-26T00:00:00 body: unknown type: Matter referred back to the committee responsible
      • date: 2017-09-21T00:00:00 body: EP/CSL type: Initial period for examining delegated act 3 month(s)
      • date: 2017-09-21T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06229/COM_ADL(2017)06229_EN.pdf type: Non-legislative basic document published title: C(2017)06229 body: EC type: Non-legislative basic document published commission:
      • date: 2017-10-04T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
      • date: 2017-10-25T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0405 type: Decision by Parliament, 1st reading/single reading title: T8-0405/2017 body: EP type: Decision by Parliament, 1st reading/single reading
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      links
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        ECON/8/11071
        reference
        2017/2855(DEA)
        title
        Information requirements and conduct of business rules applicable to the distribution of insurance-based investment products
        legal_basis
        Rules of Procedure of the European Parliament EP 010-p6
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