The IDD will have great impact on all insurance staff and includes the need to have compulsory training of 15 hours a year for ALL insurance staff involved in insurance distribution. This has nothing to do with CII CPD it will become a legal requirement for all staff involved in insurance distribution to undertake the required training on set subjects. This will be 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 is also introducing more 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 will also be changing 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 - they all need to understand these key changes. This also includes any IFA's involved in 'protection products' The learning objectives for the Insurance Distribution Directive are as follows:
- Understand the background and why IDD is 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 in preparation for the changes
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This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.