The Insurance Distribution Directive (IDD) - 19 February 2019 12:00 - 13:00
The Insurance Distribution Directive (IDD) - this is a must for anyone working in insurance distribution which is almost everyone employed by an insurer, broker, loss adjuster or IFA.
If you work in General insurance or as an IFA then you have to show compliance with these new requirements, yet many remain non compliant with the requirements of this industry changing directive.
The IDD will have great impact on all insurance staff and includes the need to have compulsory training of 15 hours a year on eight different areas for ALL insurance staff involved in insurance distribution . This has nothing to do with Cii CPD it has become a legal requirement for all staff involved in insurance distribution to undertake the required training on set subjects. This is the first time ever that a minimum stipulated number of training hours will become a legal requirement in the UK general insurance market!
The IDD has also introduced staff checks that must be undertaken, detailed rules on disclosing the source of a brokers income and very strict and precise rules on what a policy summary must look like for consumer customers- there will be no deviating from the way you do this summary. Rules relating to how you can create insurance products have also changed and those involved in new product creation will have to demonstrate their expertise.
This will be suitable for anyone on the general insurance side involved in insurance distribution, so brokers, underwriters, claims staff, loss adjusters it is also relevant to IFA's.
The learning objectives for the Insurance Distribution Directive are as follows:
- Understand the background and why IDD has been being implemented
- Who it applies to
- Describe what the changes are
- Explain what the impact is on insurance firms and the impact on customers
- Describe what firms should be doing to be compliant