The European Commission has today announced its proposal to postpone the application date of the Insurance Distribution Directive (IDD) to 1 October.
This follows the recommendation of the European Parliament to delay the application date.
Commenting on the decision, ABI Director of Regulation, Hugh Savill said:
“The ABI is pleased that the College of Commissioners has decided to propose a delay to the IDD to 1 October following pragmatic recommendations of the European Parliament and Council. This will ensure that insurers have the necessary time to implement the Directive.
"It is now crucial that the delay enters into law as soon as possible to give insurers the necessary certainty in the complex implementation process.”