Entered into force at the end of February 2016, IDD - the Insurance Distribution Directive will bring significant changes in the profile market. European Union member states still have a year to transpose the Directive's provisions into national laws, ie until February 2018.
Welcoming the aims of IDD in terms of establishing the necessary conditions for better consumer protection, fair competition between distributors of insurance products and creating more opportunities for cross-border business -, BIPAR, the European Federation of Insurance Intermediaries, cautions, however, the potential disadvantages, including escalating costs, that overregulating may bring in some jurisdictions if local regulating bodies decide to "gold-plate" the Directive provisions during the implementation process.
Juan-Ramon PLA is Managing Director at Corporacion de Mediadores de Seguros, Correduria de Seguros S.L., Secretary General of BIPAR, the European Federation of Insurance Intermediaries and Vice-Chairman of the Spanish Brokers' Association, ADECOSE (Asociacion Espanola de Corredurias de Seguros). Previously he also held the position of Secretary General of the Mediterranean Federation of Brokers (FMBA), as well as Secretary General and Member of the Board of ADECOSE.
He has had a long involvement in insurance representation at European and at national level and currently is Member of the EIOPA Insurance and Reinsurance Stakeholder Group. He strongly believes in the development of fair and balanced regulation that ensures a level playing field, professionalism and enhanced insurance consumers' protection.
Andre VAN VARENBERG is Chairman of the BIPAR Brokers Committee and Secretary general "Concordia" Insurance Broker. He has a reach background in public affairs activities, acting as Chairman UPCA (Belgian Insurance Brokers Professional Federation) between 1999 and 2006 and then as Secretary general of the same federation. VAN VARENBERG is also member of the Belgian Risk Management Association and an ex-member of the board of the non-profit organization Ombudsman of the insurance's sector.
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