Insurance Distribution Directive
If you work in General Insurance or you are an IFA involved with protection products, then you have to demonstrate compliance with these requirements, yet many remain non compliant with the requirements of this industry changing directive.
The IDD will have great impact on all insurance staff and includes the need to have compulsory training of 15 hours a year for ALL insurance staff involved in insurance distribution on set subjects. This has nothing to do with CII CPD. This will be the first time ever that a minimum stipulated number of training hours will become a legal requirement in the UK general insurance market! The IDD is also introducing staff checks that must be undertaken, detailed rules on disclosing the source of a brokers income and very strict and precise rules on what a policy summary must look like for consumer customers - there will be no deviating from the way you do this summary. Rules relating to how you can create insurance products will also be changing and those involved in new product creation will have to demonstrate their expertise. This will be suitable for anyone on the general insurance side involved in insurance distribution, so brokers, underwriters, claims staff, loss adjusters - they all need to be understanding these key changes. This also includes any IFA's involved in 'protection products'. The presentation will be delivered by Alan Chandler, Chartered Insurer, who is widely regarded as one of the top insurance trainers in the UK.
Learning Objectives
- Who it applies to
- Describe what the changes are
- Explain what the impact is on insurance firms and the impact on customers
- Describe what firms should be doing in preparation for the changes
