The European Parliament has published the text of a resolution confirming their decision to raise no objections to the Commission delegated regulation of 20 December 2017 amending Delegated Regulation (EU) 2017/2358 and Delegated Regulation (EU) 2017/2359 as regards their date of application. These Delegated Regulations relate to the 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, respectively. They supplement the Insurance Distribution Directive ((EU) 2016/97) (IDD), which has a proposed application date of 1 October 2018 as opposed to the 23 February 2018, the delay of its supplementing Delegated Regulations is intended to align with the IDD’s proposed new application date.
The Parliament instructs that this decision is forwarded to the Council of the EU and the Commission, if the Council of the EU does not object to the Commission’s proposed Delegated Regulation, it will enter into force twenty days after its publication in the Official Journal in the European Union.
The Parliament is due to vote on the proposed Directive to delay the application of the IDD in its next plenary session from 28 February to 1 March 2018.