Newsletter Year VIII - n ° 369 - December 6, 2010
Dear Colleagues,
the EU Commission ready to review the Insurance Mediation Directive (IMD), better known in Italy under the acronym DMA (Insurance Mediation Directive).
Last November 26 was launched for public consultation on the review with an invitation to interested parties to comment on the current functioning of insurance, and suggest possible changes in preparation for the DMA II.
The Directorate General Internal Market and Services European Commission trust to receive important contributions from this consultation, the evidence base for the preparation of a formal Commission proposal that would incorporate the needs that emerged after the introduction of Directive 2002/92/EC.
proposes to guarantee a high level of consumer protection, in a legal framework which aims at a high level of professionalism and competence among insurance intermediaries, Directive 2002 because of the character of minimum harmonization has created a patchwork of national legislation adopted by Member States. It seems that this awareness, the Commission intends to proceed quickly with its review, then correcting the serious deficiencies and inconsistencies of the intermediazione assicurativa in Ue.
I servizi della Commissione ha monitorato l’attuazione della Direttiva analizzando l’efficacia del livello minimo di tutela dei consumatori legata all’informazione completa spettante prima della conclusione di qualsiasi contratto di assicurazione sia alla stipula che nel caso della sua modifica o in occasione del rinnovo.
Negli orientamenti della Commissione c’è la regolazione inerente tutta una serie di prodotti di investimento al dettaglio preassemblati – i cosiddetti PRIPs (Packaged Retail Investment Products) – come i prodotti assicurativi vita unit-linked, e questo in coerenza con i principi dettati da Solvency II e Mifid. È opinione della Commissione che la remunerazione agli intermediari attraverso gli incentivi, può influenzare i consigli per i consumatori e la valutazione della idoneità del prodotto finanziario; ed intenderebbe valutare diverse ipotesi di pubblicità nella remunerazione per gli intermediari di assicurazione.
Secondo i servizi della D.G. mercato interno della Commissione, i consumatori hanno una comprensione ancora insufficiente dei rischi, i costi e le caratteristiche dei prodotti assicurativi, la Direttiva in questo senso dovrebbe correggere i significativi conflitti di interesse, ad esempio, quando la retribuzione e gli incentivi sono più alti per la vendita di alcuni prodotti assicurativi in confronto con altri. Altro importante tema che si impegna a modificare la nuova Directive, will be to introduce provisions for employees of insurance companies direct, to ensure a level playing field with professional intermediaries.
The experience of recent years, seems not to be overlooked, or rather the questions asked in the public consultation document seem to be particularly careful to evaluate every possible solution to help create the conditions for a market closer to the consumer
In the first group of questions asked in the consultation is clear guidance services of the EU Commission: The first question asks if the document disclosure requirements should be extended to employees of insurance companies directly, taking account the characteristics of existing distribution channels. One shortcoming of the previous Directive. He wonders whether the exemption from disclosure requirements for large risks to be retained. If in the context of information requirements for the mediation of insurance products, Member States may impose stricter requirements. If you think that a definition of counseling, similar or identical to the definition in MiFID, it is necessary for the mediation of insurance products? Do you think that certain insurance products may be sold without advice? If yes, what products you have in mind and how it could be mitigated by a possibility of harm to consumers? What practical steps can be provided for the reduction of oneri amministrativi?
Nel secondo gruppo di domande si entra nel merito della gestione efficace dei conflitti di interessi e di trasparenza. Uno degli obiettivi della revisione della DMA dovrebbe essere quello di adottare regole chiare ed efficaci sui conflitti di interessi e di trasparenza che riguardano la distribuzione assicurativa, in particolare valuterà con particolare attenzione le preoccupazioni già sollevate dalla Commissione di Business Insurance Sector Inquiry 2007, in relazione al potenziale conflitto di interesse legato al duplice ruolo di broker come consulente per i loro clienti e come canale di distribuzione per l'impresa; potenziale fonte di conflitto tra l'obiettività della consulenza e le proprie considerazioni commerciali, in particularly the lack of spontaneous communication of remuneration received by insurers, and practices designed to encourage brokers in particular have the potential to undermine fair competition, and insurers could result in competing at the level of remuneration offered to brokers. The final report on the sector has confirmed the importance that the Commission examine the issue in its review of the DMA II. In this context, a potential solution seems to be to use the MiFID as a starting point for the management of conflicts of interest, particularly with regard to remuneration.
These are the questions: What are the principles of high-level planning to carry out effectively conflicts of interest, taking into account the differences between investment in life insurance policies and other categories of insurance products? How could they reconcile these principles to all participants involved in the sale of insurance products? Do you agree that the MiFID could be considered as a starting point for managing conflicts of interest? How can the transparency of remuneration in the sale of insurance policies be improved for all participants involved in the sale of insurance products, taking into account the need for a level playing field? Do you agree that all insurance intermediaries should have the right to equal treatment in terms di struttura della loro retribuzione, ad esempio, che i Broker dovrebbero essere autorizzati a ricevere commissioni da imprese di assicurazione e agenti di assicurazione? Quali condizioni si dovrebbero applicare per la divulgazione di informazioni sulle retribuzioni? Quali tipi di remunerazione devono essere incluse nelle informazioni sulle retribuzioni?
Il terzo gruppo di domande riguarda invece gli aspetti della vera parità di condizioni tra tutti i partecipanti coinvolti nella vendita di prodotti assicurativi. In termini pratici l’obiettivo sarà quello di estendere la DMA II alle imprese di assicurazione dirette e loro dipendenti. Inoltre, la Commissione vorrebbe prendere in considerazione le differenze tra gli investimenti in polizze di assicurazione sulla vita (PRIPs) e le altre categorie di prodotti assicurativi e le esenzioni dal campo di applicazione. A questo proposito, l'attenzione sarà anche dedicata all'eliminazione di inutili oneri amministrativi; mentre le vendite di prodotti assicurativi attraverso i mezzi di commercializzazione a distanza dovrebbero essere incluse nel perimetro della DMA II. Tali disposizioni potranno tenere conto delle attuali definizioni basate sulle attività di intermediazione assicurativa; e le esenzioni dal campo di applicazione potranno riconsiderare non i tipi di "professioni", ad esempio agenzie di viaggio; ma l’attività di intermediazione assicurativa, rimanendo quindi nell'ambito di applicazione della Direttiva. Infine, quando un'impresa di assicurazione sells the products of another insurer, the first should be viewed as the party of the second and subject to the provisions of insurance.
Questions: To ensure a true level playing field between all participants involved in the sale of insurance products, to what extent the current DMA should also be applicable to insurance companies and their direct employees? A lack of clarity about the extent of DMA could lead to unnecessary administrative burdens. What are any clarifications to be made to the current scope of the DMA in this regard? Such cases for exemption from DMA II should be considered, taking into account the need to ensure legal certainty and consumer protection? If a website or a person gives only information about insurance, they must fall within the scope of the Directive DMA II? As might be more clearly defined boundaries than the insurance brokerage? Do you have examples of activities that, in most Member States, fall within the DMA, but believed it should not be treated as the sale of certain insurance products by companies to rent a car? Or conversely, you have examples of activities that are currently not included in the Directive, but that should be included?
What special needs arising from the Directive on financial services at a distance (DMFS) should be taken into account in the DMA II?
The fourth group of questions concerned the desirability of improving the legal framework in relation to the notification process concerning the freedom of establishment (FOE), and the free provision of services (FOS) by including the definitions on FOS and FOE in the DMA II, in order to make it easier for insurance mediation by inserting the provision for mutual recognition of professional qualifications.
Questions: Do you agree with the inclusion of the definition of freedom to provide services (FOS), as agreed in the Luxembourg Protocol of CEIOPS, in the directive DMA II? There a need to further clarify the rules on freedom of establishment (FOE) and integrate these standards into the DMA II? How can the notification process be made more efficient and useful? Do you agree that further rules on FOS and FOE should be included in the DMA II, in order to provide greater legal certainty? There are issues with regard to the general rules in relation to cross-border dimension of insurance? What problems face today's insurance intermediaries in the case of cross-border sales? As the Directive should be amended to improve the condition of assets FOE / FOS? It would be helpful in this regard integration into the DMA II CEIOPS clause of the Luxembourg Protocol on mutual recognition? Provisions similar to those contained in the Directive on electronic commerce in view of the proper use of good and transparent general rules could be integrated into the DMA II?
A fifth group of questions is dedicated to the requirements of training and is aimed at establishing common principles for the basic qualification requirements for all sellers of insurance products. In this context, it could ensure that all people in insurance companies that are responsible for the distribution of insurance, as well as all other employees directly involved in the proposed undertaking, have the knowledge and skills necessary for the performance of their duties.
Questions: What are the high-level requirements that should be considered for the knowledge and skills of all participants involved in the sale of insurance products in the differences in qualification systems in Member States? These requirements should be tailored according to the distribution channel?
In the sixth and final group of questions, the Commission is a need to make more transparent the financial promotion of life insurance products. The insurance companies or financial intermediaries offering life insurance policies (PRIPs) will necessarily ensure that the customer receives information regarding the remuneration (making clear the difference between the premium paid and the portion of the premium actually invested). The orientation is to provide remuneration structures that will have a significant impact on the ability of intermediaries to act in the best interest of the customer, structuring the remuneration so as to prevent or effectively manage conflicts of interest that may arise.
Questions: What are the practical challenges that you think should be addressed when drafting new legislation on the distribution of PRIPs insurance? What are the most important practical issues to consider when applying the benchmark MiFID PRIPs to sell?
All interested parties are invited by the Commission to answer questions posed in the consultation document. In particular it is expected that the intermediary associations are particularly active in taking part in public consultation at Community level in order to address what he has found the answer to many difficulties at national level. The invitation to be as specific as possible in their responses, illustrating the positions of concrete examples and to identify, where possible, the nature and size of the potential costs and benefits, is certainly a tempting opportunity to address the nodes of the Rules Isvap the Insurance Code and represented at the EU under the exceptional dall'Autority nostrana.
The public consultation closes on 31 January 2011. Responses should be sent to markt-h2@ec.europa.eu.
The Directorate-General of the European Commission held a public meeting to present the public consultation for the revision of the Insurance Mediation Directive, Friday, December 10, 2010, from 09:00 to 18:00 in Brussels, rue Froissart, and presence of the associations of insurance agents, insurance companies, CEIOPS and consumer groups.
Sincerely.
Paul Bullegas
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