How the Insurance Distribution Directive (EU) 2016/97, IDD, affects the actors in the Finnish insurance market

August 27, 2018

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

  • remuneration
  • product development and governance
  • product oversight and monitoring

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 

Press here to read the full article in Finnish: IDD ja toimijat Suomen vakuutusmarkkinoilla

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