The Insurance Distribution Directive
The Insurance Distribution Directive (IDD) which replaces the Insurance Mediation Directive sets the baseline for the regulation of Insurance distributors throughout Europe and came into force effective 1st October 2018.
It aims to enhance consumer protection when buying insurance – including general insurance, and to support the ability of a customer to make an informed decision on the purchase of an insurance product by introducing a standardised Insurance Product Information Document (IPID).
The IDD also introduces additional requirements in areas including product oversight and governance.
To comply with the requirements of the IDD, we have made some changes to our suite of product literature and policy documentation, as follows:
- We have amended our Broker Product Summaries which now include sections describing our Target Market, Distribution and Product Governance
- We have introduced an Insurance Product Information Document (IPID)
- We have introduced an Additional Product Information (API) document
- We no longer produce Client Product Summaries which are now replaced by the IPID and API documents.
Please note that there are no changes to our policy cover or limits.
View our documents here >>
Plum Underwriting. Far from standard.