Estonia to adopt the Insurance Distribution Directive

9 November 2017 —
At the end of October, the Estonian Parliament passed a bill of amendments to the Insurance Activities Act initiated by the government, according to which the European Union's Insurance Distribution Directive (IDD) will be adopted, informs LETA/BNS, quoted by The Baltic Course.

The law will obligate first time insurance providers to write down the stages of developing insurance products and bringing them to the insurance market and amend the regulation of sales requirements in the event that insurance is offered along with other products or services. The law also amends requirements presented for the content of the information on insurance provided to a customer.

The aim of the law is to ensure that the Estonian domestic law is in accordance with the Europe-wide requirements for insurance distribution.

The EU directive aims to harmonize the requirements for insurance distribution in different channels for the sale of insurance in order to ensure the protection of customers.