Changes to come for insurance
During the summer, the European Commission tabled a proposal for a changed Insurance Mediation Directive (IMD II). In the new proposal there are quite big changes compared with the current IMD rules, and the decisions will affect a large number of insurance employees.
According to the proposal, not only insurance mediation should be regulated but also direct sales of insurances. This means that all insurance and bank employees who give customers advice on insurance policies will have to follow stricter rules. Employees will have to spend time on training, and the new rules might create more paper work. Hopefully, they will also makes the sales procedure clearer, which is to the benefit of all.
The proposal also includes rules on transparency on wages, conflict of interests, whistle-blowing and on how rule-breakers should be punished. NFU is now analyzing the details of the IMD II proposal and their effect on insurance employees. During the autumn, we will then lobby the EU decision makers to make sure that they change the proposal to benefit the employees. Read more here.