Considerations on COM(2017)792 - Amendment of Directive (EU) 2016/97 on distribution of assurances as regards the date of application of Member States' transposition measures

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dossier COM(2017)792 - Amendment of Directive (EU) 2016/97 on distribution of assurances as regards the date of application of Member States' ...
document COM(2017)792 EN
date March 14, 2018
 
table>(1)Directive (EU) 2016/97 of the European Parliament and of the Council (2) harmonises national provisions concerning the distribution of insurance and reinsurance products and insurance-based investment products by insurance intermediaries and insurance companies, and their employees, and by ancillary insurance intermediaries in the Union.
(2)Pursuant to Article 42(1) of Directive (EU) 2016/97, Member States are to bring the laws, regulations and administrative provisions necessary to comply with that Directive into force by 23 February 2018.

(3)On 21 September 2017, the Commission adopted Delegated Regulations (EU) 2017/2358 (3) and (EU) 2017/2359 (4), supplementing Directive (EU) 2016/97.

(4)In its decisions not to raise any objections to Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359, the European Parliament invited the Commission to adopt a legislative proposal setting 1 October 2018, rather than 23 February 2018, as the date of application of the laws, regulations and administrative provisions necessary to comply with Directive (EU) 2016/97. The European Parliament substantiated that request by highlighting the need to give insurance undertakings and insurance distributors more time to better prepare for a correct and effective implementation of Directive (EU) 2016/97 and to implement the necessary technical and organisational changes to comply with Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359.

(5)Directive (EU) 2016/97 should therefore be amended accordingly.

(6)Given the very short period of time left before the national laws, regulations and administrative provisions necessary to comply with Directive (EU) 2016/97 are to be brought into force, and in order to ensure legal certainty and avoid potential market disruption, this Directive should enter into force as a matter of urgency and should apply, with retroactive effect, from 23 February 2018.

(7)Consequently, it is also justified to apply in this case the exception for urgent cases provided for in Article 4 of Protocol No 1 on the role of national Parliaments in the European Union, annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union,