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October 2018

The Insurance Distribution Directive (IDD) came into force on 1st October 2018 As you will be aware the Insurance Distribution Directive (IDD) aims to improve customer protection within insurance distribution. Financial Conduct Authority (FCA) registered firms must be fully compliant with this Directive.

Who is impacted?

The IDD applies to all companies and individuals who distribute insurance to customers. Broadly, this means firms who sell, advise on, or conclude insurance contracts, and those who assist in administering or performing insurance contracts. Customers of these firms range from individuals to multinational corporations, and it covers both Life and General Insurance policies.

The key requirements of the IDD for General Insurance:

  • A new policy summary, the Insurance Product Information Document (IPID) to help consumers understand what’s included in their cover to aid them in their decision making; and a removal of other policy summaries like the Key Facts summary or Summary of Cover.
  • Ensuring professional competency of staff involved in insurance distribution activities, as set out in the Regulated Activities Order. This includes an ongoing commitment to training on the products.
  • Product oversight and governance – ensuring that products are regularly reviewed to ensure and that new products are designed with the customer in mind and by staff that are knowledgeable and competent to do so. To better understand this process, please refer to the Product Approval Process. This explains how Zurich designs products, and how they are monitored and reviewed to ensure that they remain fit for purpose. There is increasing focus on the definition of the target market or audience for the product, and ensuring that our brokers are clear on this.

What are we doing?

To ensure Zurich’s compliance our project teams have reviewed the guidance and rules to understand the impact of the Directive and implemented the required changes.

What is expected of me?

As an FCA-Registered firm, our expectation is that you have already reviewed in detail the IDD Guidance available from EIOPA (European Insurance and Occupational Pensions Authority) and the FCA.

If you have any questions about IDD, please refer in the first instance to your usual Zurich contact.

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