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By Filip OLLER, Senior Adviser, Regulatory Advisory Geoffroy GAILLY, Partner, KPMG Luxembourg
The directive (EU) 2016/97 of the Euro-pean Parliament and of the Council of 20 January 2016 on insurance distribution (hereinafter “Directive” or “IDD”) repealing the directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (hereinafter “IMD”) is often called MiFID for the insurance business. It contains similar principles and concepts on which both IDD and MiFID II are built, although IDD is not merely a replication of MiFID II. The main difference between MiFID and IDD lies in the technical law-making approach adopted by the legislator with MiFID II aiming at the full harmonisation of the requirements whereas, with...
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