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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 13:29

Estonia to adopt EU Insurance Distribution Directive

BC, Tallinn, 27.10.2017.Print version
The Estonian parliament on October 26th passed a bill of amendments to the Insurance Activities Act initiated by the government, according to which the European Union's Insurance Distribution Directive (IDD) will be adopted, informs LETA/BNS.

The law will obligate first time insurance providers to write down the stages of developing insurance products and bringing them to the insurance market and amend the regulation of sales requirements in the event that insurance is offered along with other products or services.


The law also amends requirements presented for the content of the information on insurance provided to a customer. The aim of the EU directive is harmonizing the requirements for insurance distribution in different channels for the sale of insurance in order to ensure the protection of customers.


The law is linked with implementing EU law. The aim of the law is to ensure that Estonian domestic law is in accordance with the Europe-wide requirements for insurance distribution.


The law's entering into force is linked with the responsibility originating from IDD to implement new insurance distribution requirements as of the adoption of the directive on Feb. 23, 2018.


Altogether 67 MPs voted in favor of the law while six MPs were against it.






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