Developments in public affairs from an intermediary’s perspective

Developments in public affairs from

an intermediary’s perspective

Nic De MaesschalckBIPAR Director

11th Insurance Professionals Conference

22 September 2014, Hungary

European Federation of Insurance Intermediaries

Established in Paris in 1937Headquartered in Brussels since 1989

52 member associations in 32 countries

Represents interests of intermediaries with European institutions

Single voice of the profession at EU level www.bipar.eu

The European Federation of Insurance and Financial Intermediaries

A member of WFII (World Federation of Insurance Intermediaries)

Different actors on the international scene

National Regulation

11th Insurance Professionals Conference - 22 September 2014, Hungary

Trade unions

Press Consumer organizations

Think tanks


Academics

National associations

Politicians

Insurers, financial

institutions

Clients

Market functioning

Public opinion

Intermediaries

Reputation

Supervisor/regulator

National Regulation

National

Trade unions


Think tanks


Academics


Politicians

Insurers, financial

institutions

Clients

Market functioning

Public opinion

Intermediaries

Reputation


National Regulation

National

European

BIPAREuropean

Commission

European Parliament ESAs: EBA,

EIOPA, ESMA

Council of the EU

BEUC, UNI-Europa

European Federations:

UEAPME, Insurance Europe, ...

Trade unions


Think tanks


Academics


Politicians

Insurers, financial

institutions

Clients

Market functioning

Public opinion

Intermediaries

Reputation


National Regulation

National

European

FSB

FATF

IAIS

G20OECD

WTO

Basel Committee/

IOSCO

IMF/World Bank

International Federations

BIPAR

WFII

International

European Commission


EIOPA, ESMA

Council of the EU

BEUC, UNI-Europa



Solvency II

Professional qualifications

E-Commerce Directive Anti-Money Laundering

Collective redressDistance sellingData protection

Consumer Rights Directive

Overview of topics under discussion, revision, implementation in Europe, with a potential impact on

intermediation

PRIPsAssureurs, institutions financières

Insurance Guarantee Schemes – Investor

Compensation Schemes

Sanctions

UCITSIORP

MiFID II IMD II

Corporate governance

Gender Equality

ADR

Insurance intermediaries

Contract law

VAT, (FAT), FTT, IPT

Credit agreements relating to residential

property

Public procurement

Solvency II

Professional qualifications

E-Commerce Directive Anti-Money Laundering

Collective redressDistance sellingData protection

Consumer Rights Directive

Overview of topics under discussion, revision, implementation in Europe, with a potential impact on

intermediation

PRIPsAssureurs, institutions financières

Insurance Guarantee Schemes – Investor

Compensation Schemes

Sanctions

+ New regulatory instruments/

procedures/ESAs

UCITSIORP

MiFID II IMD II

Corporate governance

Gender Equality

ADR

Insurance intermediaries

Contract law

VAT, (FAT), FTT, IPT

Credit agreements relating to residential

property

Public procurement

Some issues which may come on your board meetings agenda in the coming 3 years…

because :• it will be imposed by regulation or• It will be part of your corporate culture or• It will be part of your corporate governance or • It will be imposed by your clients or• It will just be part of business culture in general


Intermediaries and insurers will be confronted with new rules for the distribution

of insurance based investment products. For insurance based investment products new rules re pre-contractual information

and product governance will become applicable

MiFID IIPRIPs IMD II IORP revision


Intermediaries will be more transparent …

About their status About their services About the (nature of) remuneration

IMD II/OECD/IAIS/OECD


Intermediaries will (continue and) manage and mitigate conflicts of interest

DG Competition Sector inquiryIAIS insurance core principles IMD II (proposal)MIFID II


New requirements related to training

• Training requirements• Continuous professional requirements


Intermediaries will continue and give attention to complaints

handling and the management of alternative dispute resolution mechanisms.

ADR Collective redress


Anti-fraud and antimoney laundering rules and « supervision » will be reinforced

FATF IAIS EU


Intermediaries will continue and protect their data and the data of the client

Cyberrisk Data Protection regulation


Supervisory Authorities have new powers/mandates

At national level At European level (EIOPA,EBA, ESMA)


Intermediaries with binding authorities will have more obligations

Solvency II : Article 49 Outsourcing

- more requirements in terms of fit and proper - more (structured) information to insurer


Intermediaries will continue and give attention to competition rules

Block Exemption Regulation Pools


Intermediaries will have more work in cases of multinational placements

TMF IPT Quote : global insurance premium tax tool. Probably definition of FOS/ Foe in IMD II Increasing nr of countries change regulations


Some other challenges for the industry:

• Image / reputation (as a sector)• Age / experience/ expertise / succession• Training• Explaining our specificities • Adapting to new businessmodels• Ban on commissions in case of « independent investment advice »


Trade unions


Think tanks


Academics


Politicians

Insurers, financial

institutions

Clients

Market functioning

Public opinion

Intermediaries

Reputation


National Regulation

National

European

FSB

FATF

IAIS

G20OECD

WTO

Basel Committee/

IOSCO

IMF/World Bank

International Federations

BIPAR

WFII

International

European Commission


EIOPA, ESMA

Council of the EU

BEUC, UNI-Europa



Developments in public affairs from

an intermediary’s perspective

Nic De MaesschalckBIPAR Director

11th Insurance Professionals Conference

22 September 2014, Hungary

European Federation of Insurance Intermediaries

Developments in public affairs from an intermediary’s perspective

Documents

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