Are you ready for more regulation? The Insurance Distribution Directive
Having just grappled with General Data Protection Regulation implementation, law firms conducting insurance mediation activity need to be aware that additional regulation, the Insurance Distribution Directive (IDD), relating to that activity came into force on 1 October 2018.
Solicitors Regulatory Authority (SRA) has also published an updated handbook and ethics guidance reflecting the changes for law firms they regulate.
The new directive introduces significant obligations on all businesses involved in insurance distribution. The requirements are intended to harmonise standards across Europe, and create a more level playing field in the quality and transparency of information provided to buyers of insurance.
Our latest Adviser outlines the significant obligations, how this affects UK law firms involved in insurance distribution, and what they need to do.
For more information, download the Adviser.