The European Insurance and Occupational Pensions Authority (EIOPA) has published its first annual report on administrative sanctions and other measures imposed under the Insurance Distribution Directive ((EU) 2016/97 (IDD)) by national competent authorities.
Between the implementation in October 2018 and the end of 2019 1,923 administrative sanctions or other measures were imposed on firms.
The vast majority of sanctions (around 75%) were for breaches of the professional and organisational requirements in Article 10 of the IDD. Article 10 requirements cover both basic formalities to be complied with for accessing and maintaining access to the profession as well as ongoing requirements such as continuous professional development. The most frequent sanctioning measure based on the information reported by each NCA, was to withdraw the registration of the intermediary (around 50% of cases) followed by the use of administrative pecuniary sanctions (around 40% of cases).
View: EIOPA 1st annual report on administrative sanctions and other measures under the IDD