Directive 2016/97 - Insurance distribution (recast) - Main contents
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Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast)Text with EEA relevance| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2016/97 |
| Original proposal | COM(2012)360  |
| CELEX number i | 32016L0097 |
| Document | 20-01-2016; Date of signature |
|---|---|
| Publication in Official Journal | 02-02-2016; OJ L 26 p. 19-59 |
| Signature | 20-01-2016 |
| Effect | 22-02-2016; Entry into force Date pub. +20 See Art 45 |
| Deadline | 23-02-2021; Review See Art 41.2 |
| End of validity | 31-12-9999 |
| Transposition | 01-07-2018; Adoption See Art 42.1 ET 32018L0411 01-10-2018; Application At the latest See 32018L0411 |
2.2.2016 |
EN |
Official Journal of the European Union |
L 26/19 |
DIRECTIVE (EU) 2016/97 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 20 January 2016
on insurance distribution (recast)
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) and Article 62 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
A number of amendments are to be made to Directive 2002/92/EC of the European Parliament and of the Council (3). In the interests of clarity, that Directive should be recast. |
(2) |
Since the main objective and subject matter of this recast is to harmonise national provisions concerning insurance and reinsurance distribution, and since those activities are carried out across the Union, this new Directive should be based on Article 53(1) and Article 62 of the Treaty on the Functioning of the European Union (TFEU). The form of a directive is appropriate in order to enable the implementing provisions in the areas covered by this Directive, when necessary, to be adjusted to any existing specificities of the particular market and legal system in each Member State. This Directive should also aim at coordinating national rules concerning access to the activities of insurance and reinsurance distribution. |
(3) |
However, this Directive is aimed at minimum harmonisation and should therefore not preclude Member States from maintaining or introducing more stringent provisions in order to protect customers, provided that such provisions are consistent with Union law, including this Directive. |
(4) |
Insurance and reinsurance intermediaries play a central role in the distribution of insurance and reinsurance products in the Union. |
(5) |
Various types of persons or institutions, such as agents, brokers and ‘bancassurance’ operators, insurance undertakings, travel agents and car rental companies can distribute insurance products. Equality of treatment between operators and customer protection requires that all those persons or institutions be covered by this Directive. |
(6) |
Consumers should benefit from the same level of protection despite the differences between distribution channels. In order to guarantee that the same level of protection applies and that the consumer can benefit from comparable standards, in particular in the area of the disclosure of information, a level playing field between distributors is essential. |
(7) |
The application of Directive 2002/92/EC has shown that a number of provisions require further precision with a view to facilitating the exercise of insurance distribution and that the protection of consumers requires an extension of the scope of that Directive to all sales of insurance products. Insurance undertakings which sell insurance products directly should be brought within the scope of this Directive on a similar basis to insurance agents and brokers. |
(8) |
In order to guarantee that the same level of protection applies regardless of the channel through which customers buy an insurance product, either directly from an insurance undertaking or indirectly from an intermediary, the scope of this Directive needs to cover not only insurance undertakings or intermediaries, but also other market participants who sell insurance products on an ancillary basis, such as travel agents and car rental companies, unless they meet the conditions for exemption. |
(9) |
There are still substantial... |
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