On 14 February 2018, the European Council published a press release confirming its agreement to delay the transposition deadline and application of new rules on insurance distribution.
The Insurance Distribution Directive (IDD) is currently due to apply from 23 February 2018. However, on the basis of a proposal from the Commission, it has been agreed to postpone the transposition deadline to 1 July 2018 and the application date to 1 October 2018. The delay will enable the insurance industry to better prepare for the directive and for the changes necessary to comply with implementing rules.
Given that the European Parliament and the Council are not expected to adopt the emending directive before March 2018, the delay will apply retroactively from 23 February.
View: IDD delay approved by EU Council