2017/0350(COD)

Directive on insurance distribution: date of application of Member States' transposition measures

Procedure completed

2017/0350(COD) Directive on insurance distribution: date of application of Member States' transposition measures
RoleCommitteeRapporteurShadows
Lead ECON LANGEN Werner (EPP) STIHLER Catherine (S&D), FOX Ashley (ECR), IN 'T VELD Sophia (ALDE), URBÁN CRESPO Miguel (GUE/NGL), GIEGOLD Sven (Verts/ALE)
Opinion IMCO
Opinion JURI
Lead committee dossier: ECON/8/11913
Legal Basis TFEU TFEU 053-p1, TFEU TFEU 062
Subjects
Links

Activites

  • 2018/03/19 Final act published in Official Journal
  • 2018/03/14 Final act signed
  • 2018/03/14 End of procedure in Parliament
  • #3603
  • 2018/03/09 Council Meeting
  • 2018/03/09 Act adopted by Council after Parliament's 1st reading
  • 2018/03/01 Results of vote in Parliament
    • Results of vote in Parliament
    • T8-0044/2018 summary
  • 2018/02/08 Vote in committee, 1st reading/single reading
    • A8-0024/2018 summary
    • ECON ECON/8/11913 LANGEN Werner EPP
    • IMCO
    • JURI
  • 2018/01/15 Committee referral announced in Parliament, 1st reading/single reading
  • 2017/12/20 Legislative proposal published
    • COM(2017)0792 summary
    • DG {u'url': u'http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en', u'title': u'Financial Stability, Financial Services and Capital Markets Union'}, DOMBROVSKIS Valdis

Documents

History

(these mark the time of scraping, not the official date of the change)

2018-09-12
activities/0/docs/0/text added
  • PURPOSE: to postpone until 1 October 2018 the date from which Member States will be required to apply the transposition measures of Directive (EU) 2016/97 on insurance distribution (IDD).

    PROPOSED ACT: Directive of the European Parliament and of the Council.

    ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure on an equal footing with the Council.

    BACKGROUND: Directive (EU) 2016/97 of the European Parliament and of the Council harmonises national provisions concerning the distribution of insurance and reinsurance products and insurance-based investment products by insurance intermediaries, insurance companies, their employees, and ancillary insurance intermediaries in the Union.

    IDD entered into force on 23 February 2016 and Member States have until 23 February 2018 to transpose and apply its provisions.

    On 21 September 2017, the Commission adopted two Delegated Regulations supplementing IDD with regard to product oversight and governance requirements for insurance undertakings and insurance distributors and to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products.

    In its decisions to raise no objections to the Delegated Regulations [see 2017/2854(DEA) and 2017/2855(DEA)], the European Parliament asked the Commission to adopt a legislative proposal setting up a date of application on 1 October 2018, rather than 23 February 2018, as the date of application of the transitional measures of the IDD.

    The European Parliament justified this request by the fact that it was necessary to give more time to the insurance sector (which includes small operators) to better prepare for a correct and effective implementation of the IDD and to implement the technical and organisational changes required to comply with delegated regulations. Sixteen Member States supported Parliament’s proposal and further requested an extension of the transposition period until at least 1 October 2018 at least.

    While considering that the sector has already had a lot of time to adapt, the Commission agrees to respond to the request of the European Parliament and the Member States to postpone to 1 October 2018 the date from which Member States will be obliged to apply the laws, regulations and administrative provisions necessary to comply with the IDD.

    CONTENT: the proposed amendment of Directive (EU) 2016/97 provides that by 23 February 2018 at the latest, Member States must adopt and publish the provisions necessary to comply with that Directive. Member States shall apply these provisions from 1 October 2018.

activities/1/committees/0/shadows/0 added
group
S&D
name
STIHLER Catherine
activities/2 added
date
2018-02-08
body
EP
type
Vote in committee, 1st reading/single reading
committees
docs
  • url
    http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2018-0024&language=EN
    text
    • The Committee on Economic and Monetary Affairs adopted the report by Werner LANGEN (EPP, DE) on the proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2016/97 as regards the date of application of Member States' transposition measures.

      As a reminder, Directive (EU) 2016/97 of the European Parliament and of the Council harmonises national provisions concerning the distribution of insurance and reinsurance products and insurance-based investment products by insurance intermediaries, insurance companies, their employees, and ancillary insurance intermediaries in the Union (IDD).

      According to the text amended by the committee, Directive (EU) 2016/97 shall be transposed no later than 1 July 2018 and Member States shall apply the transposition measures by 1 October 2018 at the latest.

      In order to ensure legal certainty and avoid potential market disruption, it is necessary that this Directive enters into force as a matter of urgency and that it applies, with retroactive effect, from 23 February 2018.

      The text recalls that in its decisions to raise no objections to the Delegated Regulations supplementing the IDD adopted by the Commission on 21 September 2017 [see 2017/2854(DEA) and 2017/2855(DEA)], the European Parliament invited the Commission to adopt a legislative proposal setting 1 October 2018 instead of 23 February 2018 as the date of application of the IDD transposition measures.

      The European Parliament substantiated that request by the need to give insurance undertakings and insurance distributors more time to better prepare for a correct and effective implementation of Directive (EU) 2016/97 and to implement the necessary technical and organisational changes to comply with the Delegated Regulations.

    type
    Committee report tabled for plenary, 1st reading/single reading
    title
    A8-0024/2018
activities/3 added
date
2018-03-01
docs
body
EP
type
Results of vote in Parliament
activities/4 added
date
2018-03-09
body
CSL
type
Council Meeting
council
Justice and Home Affairs (JHA)
meeting_id
3603
activities/5 added
date
2018-03-09
body
EP/CSL
type
Act adopted by Council after Parliament's 1st reading
activities/6 added
date
2018-03-14
body
CSL
type
Final act signed
activities/7/date changed
Old
2018-02-28
New
2018-03-14
activities/7/type changed
Old
Indicative plenary sitting date, 1st reading/single reading
New
End of procedure in Parliament
activities/8 added
date
2018-03-19
text
  • PURPOSE: to postpone the date from which Member States will be required to apply the transposition measures of Directive (EU) 2016/97 on insurance distribution (IDD).

    LEGISLATIVE ACT: Directive (EU) 2018/411 of the European Parliament and of the Council amending Directive (EU) 2016/97 as regards the date of application of Member States' transposition measures.

    CONTENT: this Directive postpones the date of application of the new rules on insurance distribution until 1 October 2018. It also extends to 1 July 2018 the deadline by which Member States must transpose the new rules into their national laws and regulations.

    Directive (EU) 2016/97 harmonises national provisions concerning the distribution of insurance and reinsurance products and insurance-based investment products by insurance intermediaries and insurance companies, and their employees, and by ancillary insurance intermediaries in the Union.

    The postponement was decided in the light of the Delegated Regulations adopted by the Commission in September 2017. In its decisions to raise no objections to the Delegated Regulations, the European Parliament invited the Commission to adopt a legislative proposal setting 1 October 2018 instead of 23 February 2018 as the date of application of the IDD transposition measures, regulations and administrative provisions necessary to comply with Directive (EU) 2016/97.

    The European Parliament substantiated that request by the need to give insurance undertakings and insurance distributors more time to better prepare for a correct and effective implementation of Directive (EU) 2016/97 and to implement the necessary technical and organisational changes to comply with the Delegated Regulations.

    ENTRY INTO FORCE: 19.3.2018. This Directive shall apply retroactively from 23.2.2018.

type
Final act published in Official Journal
docs
committees/0/shadows/0 added
group
S&D
name
STIHLER Catherine
procedure/Modified legal basis added Rules of Procedure EP 150
procedure/final added
url
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32018L0411
title
Directive 2018/411
procedure/stage_reached changed
Old
Awaiting committee decision
New
Procedure completed
2018-01-21
2018-01-18
2018-01-13
2018-01-11
2018-01-09

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