The legislative proposal implementing the EU Insurance Distribution Directive (IDD) has been approved by Belgian Parliament on 14 November 2018. The Belgian IDD law will enter into force 10 days following its publication in the Belgian State Gazette, which is to be expected shortly.
The legal framework of IDD is aimed at strengthening consumer protection and harmonising the rules on distribution of insurance products by introducing a “MiFID-style” regime for the insurance sector. While the Belgian insurance sector has already become subject to AssurMiFID, the rules imposed by IDD will nevertheless add an additional layer of regulatory complexity, while at the same time tweaking some of the recently introduced AssurMiFID requirements.
The present newsletter provides a brief overview of some of the key novelties of IDD, based on the newly approved legislation.
Our team of experts is available to support you in analysing particular business needs and to advise you on a specific implementation process.