On Tuesday 10th of April the Finnish Parliament passed the national law on insurance distribution that will come into force in November 2018 according to EU common timetable and replace the current regulation. The new set of rules has implications on both the professional requirements and registration as well as business processes of insurance companies and other distributors. Standards on conduct and suitability of the persons participating in insurance distribution and fit and proper requirements should be taken into consideration when aligning business processes according to the new legislation. Business processes should also be documented concerning
Harmonizing the regulation inside EU will open more possibilities for new actors and cross-border operations in the common regulation environment.
Written by Anna Nousiainen