Emma BondEIOPA has published its second annual report on administrative sanctions and other measures imposed by national competent authorities during 2020 under the Insurance Distribution Directive (IDD).
The authorities together imposed a total of 1,942 sanctions across 17 Member States. The vast majority of the sanctions were for breaches of the professional and organisational requirements in Article 10 of the Directive. These requirements cover basic formalities which must be complied with to access the profession, as well as ongoing requirements such as professional development.
EIOPA considers that the statistics represent a transitional phase between the Insurance Mediation Directive (IMD) and the IDD. In the future, it would expect a higher number of national competent authorities to impose sanctions each year.
