Status: You are viewing the version of the handbook as on 2019-01-31.

insurance distribution

    160(as defined in article 2(1) of the IDD) the activities of advising on, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including the provision of information concerning one or more insurance contracts in accordance with criteria selected by customers through a website or other media and the compilation of an insurance product ranking list, including price and product comparison, or a discount on the price of an insurance contract, when the customer is able to directly or indirectly conclude an insurance contract using a website or other media.

    The following shall not be considered to constitute insurance distribution:

      1. (a) the provision of information on an incidental basis in the context of another professional activity where the provider does not take any additional steps to assist in concluding or performing an insurance contract;
      1. (b) the management of claims of an IDD insurance undertaking on a professional basis, and loss adjusting and expert appraisal of claims;
      1. (c) the mere provision of data and information on potential policyholders to an IDD insurance intermediary or IDD insurance undertaking where the provider does not take any additional steps to assist in the conclusion of an insurance contract;
      1. (d) the mere provision of information about an insurance product, an IDD insurance intermediary or an IDD insurance undertaking to potential policyholders where the provider does not take any additional steps to assist in the conclusion of an insurance contract; and
      1. (e) (in MIPRU 5), the services of an IDD ancillary insurance intermediary where all the following conditions are met:
        1. (i) the insurance is complementary to the good or service supplied by a provider, where such insurance covers:
          1. (A) the risk of breakdown, loss of, or damage to, the good or the non-use of the service supplied by that provider; or
          1. (B) damage to, or loss of, baggage and other risks linked to travel booked with that provider;
        1. (ii) the amount of the premium paid for the insurance product does not exceed EUR 600 calculated on a pro rata annual basis; and
        1. (iii) by way of derogation from (ii), where the insurance is complementary to a service referred to in (i) and the duration of that service is equal to, or less than, three months, the amount of the premium paid per person does not exceed EUR 200.

    [Note: articles 1(3), 2(1)(1) and 2(2) of the IDD]