The Insurance Distribution Directive and recent developments

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The Insurance Distribution Directive (IDD) has been transposed in Belgium by the Law of 6 December 2018 and has come into effect as of December 28, 2018 replacing the existing framework known in the market as the Law Cauwenberghs (the transposition of the European Insurance Mediation Directive - IMD) and AssurMiFID (the roll out of MiFID I to the insurance sector). One of the effects of IDD is amongst others that the scope of application has been broadened to the entire distribution chain, including (re)insurers, intermediaries, price comparison websites or firms who provide insurance alongside their principal (non-insurance) business.

Now, years after the entry into force, we look back at the key changes, impacts and implementation challenges of IDD on your business to make sure that your organisation is fully ready and IDD proof going forward.

This training session will allow you to fully understand:

the key requirements of IDD;
the main differences with the Law Cauwenberghs and AssurMiFID;
the key impact and challenges of IDD on your business;
the expectations of the regulator in implementing and complying with the IDD requirements (including highlighting the areas where further guidance is still expected).

Category Insurances

Level Advanced

Learning format Live webinar

Total price *

Members: € 330
Non-members: € 360
Partners/ BZB: € 330
Incompany: tailor-made, prices on request

* Are you entitled to an allowance or subsidy?
* Price: service in the context of continuing professional training, exempt from VAT

CPD Hours Insurances: 3h sector specific
Compliance: 3h

Continuing Professional Development

Please let us know you're interested in this training should there be no date available, the planned date does not suit you and/or this session is full. As soon as about 5 people are registered on the interest list, we will propose a new course date. Your registration on the interest list is free of charge and without any obligation.

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Download training course sheet

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Target group

This training session can be useful for anyone involved with or responsible for product development and / or insurance distribution, either directly, or through an intermediary (i.e. at insurance intermediaries and/or insurance companies):

responsibles for distribution (RDs), and / or sales representatives;
product managers;
legal managers, and / or their team members;
people responsible for internal control;
compliance officers, and / or their team members;
risk managers, and / or their team members;
internal auditors.

Required prior knowledge

Advanced level training: this training requires a general basic knowledge of the subject.

Programme

CONTENT

The background and status of IDD, including overview of the European and Belgian regulatory framework
The scope and applicability of the IDD requirements
Ancillary insurance intermediaries (AII)
- The characteristics and importance of this category
- The difference between AII falling in scope of IDD or not
The conduct of business requirements
- Explain the duty to dare requirements, including the suitability statement and report for insurance based investment products
- Describe the changed requirements regarding cross-selling
- Explain the IDD rules regarding conflicts of interest and remuneration / inducements, including the Belgian sector inducement code
- Detail the transparency and information requirements (both pre- as well as post contractual)
Professional requirements at the level of professional competence (access to the profession and practical experience) as well as ongoing training
Product oversight & governance, detailing the requirements of both the product manufacturers, as well as the distributors, including their mutual responsibilities at the level product monitoring and exchange of information

PRACTICAL INFORMATION

Duration: ½ day of training (3 class hours)
Hours: 13:30 to 17:00
Location: This training will be given online.
Language: This training will be given in English
Additional information: How do you start the webinar? You will receive a login and password by email to access our platform. In the platform you will find a link. By clicking on the scheduled date the webinar will start via Webex.
To be granted CPD hours, it is important to enter your own name and surname, follow the entire training day and answer the questions suggested by the trainer. Do not follow the training with several people on the same PC.

Methodology

You follow a ‘Live webinar’ digitally in a group. It is ‘learning-apart-together’. At an agreed time, the teacher and participants log in to a video conference tool, each from his or her own location and with his or her own computer. Via this tool’s camera, microphone and chat function, there is an opportunity for interaction and feedback, both from the participants to the teacher and vice versa. The teaching material consists as a basis of a presentation via the MyFA learning platform, supplemented with various other items (such as digital syllabus, presentation, audiovisual fragments, etc.).

Course material: