William VIDONJA: The sky is going to fall on insurers, intermediaries and consumers
In this regard, he stressed out the new features of the IDD (insurance distribution directive), PRIIPs (related to investment-based insurance products) and Solvency II Directive. Speaking about IDD, to be implemented from 2018, the directive "will impact all types of sells, concluded by insurers, intermediaries, agents etc. Therefore, there will be new requirements concerning professional education, rules for advice for investment products, cross-selling, new rules on remuneration (the intermediaries should disclose under IDD the nature of their remuneration and fees) etc.
Insurance Europe's official pointed out that there are some challenges regarding the effective implications of all this regulation working together, after all of these will come into force, cummulative.
Also, there are issues related to timing for implementation, as there should be enough time for member states.
Among others, Insurance Europe is proposing that we all look at all the new regulations (Solvency II, IDD, PRIIPs) cummulative, at their common impact on the consumers, and to ask for a feedback from the national level. Also, it is important to test the impact of these regulations at the national level before implementation.