The MFSA has issued new guidelines on Product Oversight
and Governance arrangements by insurance undertakings and insurance
distributors as required by the Insurance Distribution Directive
("IDD") to be implemented by manufacturers of insurance
During the preparatory period between 2017 and 22nd
February 2018 (the latter date being the implementation date of the
IDD), insurance undertakings and insurance distributors will be
expected to implement the requirements of these Preparatory
Guidelines in anticipation of the requirements which will be
subsequently introduced under Level 2 measures to be adopted by the
Commission under the IDD.
The MFSA has also announced that it shall be assessing insurance
undertakings' and insurance distributors' preparedness in
relation to the Product Oversight and Governance requirements as
part of the transition to the IDD in the course of 2018 following
its implementation. The MFSA noted that during its implementation
review it will consult insurance undertakings or intermediaries
which are not fully in line with the Preparatory Guidelines with a
view to achieving reasonable remedial action.
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