ASSESSMENT OF THE IMPACT OF DIRECTIVE 2016/97/EU ON INSURANCE DISTRIBUTION

Stoyan Kirov

THE LAW AND THE BUSINESS IN THE CONTEMPORARY SOCIETY, 2021, issue 1, 75-87

Abstract: The process of transposing Directive 2016/97/EU has been completed for all EU member states but has left open a debate about its positive effects on the distribution of insurance products. Although the envisaged minimum requirements already apply to insurance markets in Europe, they still do not lead to the expected results. The strength and stringency of regulations are highly differentiated between countries, which continues to make some consumers vulnerable and insufficiently protected. The "flexible" approach to harmonizing insurance intermediation adopted by European legislation alleviates potential conflicts related to its application, but at the same time creates preconditions for circumvention of the introduced norms, especially for countries with an inherent liberal supervisory framework. The expectation that Directive 2016/97/EU will have a serious impact on the strategic orientation and operational organization of insurance companies and their intermediaries may be too high.

Keywords: Insurance Distribution Directive; regulation and supervision of the insurance distribution; insurance intermediation; cross-border insurance business; policy-holder information requirements. (search for similar items in EconPapers)
JEL-codes: K00 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vra:lbcs20:y:2021:i:1:p:75-87

DOI: 10.36997/LBCS2021.75

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