The European Parliament has published decisions, which raise no objections to the IDD delegated acts on:
- product oversight and governance requirements for insurance undertakings and insurance distributors; and
- information requirements and conduct of business rules applicable to the distribution of insurance-based investment products.
The Parliament considers that the deadline for transposition of IDD should remain 23 February 2018, but asks the European Commission to adopt a legislative proposal setting the application date at 1 October 2018. The Parliament considers that the current application date of IDD (23 February 2018) would not allow sufficient time for industry to implement the necessary technical and organisational changes.
The decisions will be forwarded to the Council of the EU and the Commission.