Insurance Distribution Directive (IDD) EU 2016/97
This page looks at the implementation of Insurance Distribution Directive (IDD) in Gibraltar.
IDD, which came into effect on 1st October 2018, requirements have been transposed into the Financial Services (Investment and Fiduciary Services) Act 1989 and sets out requirements with regards to taking-up and pursuing the distribution of insurance and reinsurance products in the European Union and therefore affects both Insurance and reinsurance intermediaries.
Implementation of requirements
The Directive introduced renewed focus on some key risks in the insurance distribution process. The Directive focuses on (amongst other requirements):
• Knowledge and competence criteria;
• Corporate governance;
• How firms will be improving conduct of business requirements; and
• Specific rules on insurance based investment products such as product governance.
IDD GFSC Webinar
On the 4th September the GFSC held a Webinar on IDD which can be viewed on the following link : Watch Webinar
You may download a copy of the presentation from the following link : IDD Presentation Slides
More information can be found on the following European Commission and GFSC webpages and documents:
- European Union Law.
- Insurance Distribution Directive
- Information on Packaged Retail and Insurance-based Investment Products (PRIIPs)
- IDD Frequently Asked Questions
- Product Governance and Distribution channels – Examples of good and poor practice
- Training and Competence
Any updates will be made available via our website and social media.
If you have any questions relating to IDD in Gibraltar or on any of the above information, please contact us on IDD@fsc.gi