- City of London
“This directive is a significant piece of legislation with implications for the insurance industry as a whole … and where domestic provisions already exist we will seek to minimise the disruption to UK firms. As well as encouraging competition between insurance intermediaries, this directive will continue to ensure protection for insurance customers.”
Executive Director of Strategy and Competition, FCA
On 1st October 2018, the Insurance Distribution Directive (IDD) replaced the 17 year old Insurance Mediation Directive (IMD). Whilst IMD only applied to insurance intermediaries, IDD embraces all those who conduct insurance distribution to customers – i.e. insurers, reinsurers, insurance brokers and firms such as banks, or retailers, who provide insurance alongside their primary business and whose customers range from individual consumers to large multinational organisations. This effectively addresses the perceived imbalance that existed between direct and intermediated sales.
This half day training session will allow delegates to fully understand the impact of IDD on their business, leaving them able to:
- Explain FCA’s requirements relating to IDD.
- Understand the implications of IDD for insurers, reinsurers and insurance intermediaries/brokers.
- Consider the impact of IDD on their businesses and the implications for their ongoing compliance.
The Course Agenda
The background to IDD
- Explain how and why IDD came about
- Explore IDD’s implications for UK insurance business – life insurance, general insurance and Ancillary Insurance Intermediaries
Professional, organisational and prudential requirements
- Understand the ‘staff knowledge and competence’ requirements (inc. mandatory CPD)
- Examine the minimum PII cover levels
- Describe the restriction on the use of intermediaries
- Explain changes to the application of CASS 5 rules
- Consider the management of conflicts of interest in line with IDD requirements
Conduct of business requirements
- Explain the IDD General Principles
- Describe the required pre-contract disclosures
- Understand the disclosures relating to conflicts of interest, transparency and remuneration of firms
- Explain the means of providing information including the definition of durable medium
- Understand the ICOBS standards relating to advised and non-advised sales
- Describe the rule amendments relating to cross-selling
- Explain the requirement for and use of the Insurance Product Information Document (IPID)
Ancillary insurance intermediaries (AII)
- Understand this category of insurance intermediary
- Explain the difference between ‘In Scope AIIs’ and ‘Out of Scope AIIs’
- Describe the requirements relating to ‘Connected Travel Insurance (CTI) providers
Meet The Tutor
Director Of Learning
Richard Galley has a proven track record in regulatory compliance and risk management, both as a practitioner and as a trainer. Before becoming an independent consultant in 2011, Richard spent nearly 25 years working for Bupa in a variety of senior management roles, with the last 10 years spent as Head of Compliance and Policy Development for Bupa’s insurance division. In that time he was closely involved in the development of a number of key regulatory initiatives including the business’s and its partners’ preparations for IMD implementation in 2005. As a consultant, Richard is assisting a number of clients in understanding IDD and its implications for business operations.
Who is this course for?
It’s suitable for anyone involved with, or responsible for, directing insurance either directly or through an intermediary
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We know you’re busy, so we’re careful not to waste a minute of your time. Our training courses are fast paced, insightful and filled with valuable information.
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Sessions are practical workshops not PowerPoint lectures. All courses are limited to no more than 14 attendees, so we’re able to explain concepts in the context of your business.