The Insurance Distribution Directive (IDD) is an EU wide directive aimed at creating a ‘level playing field’ for Insurance distribution. It replaces the current Insurance Mediation Directive (2002/92/EC).
The aims of this directive are to:
- ensure consistent standards for intermediaries
- significantly raise conduct standards
- improve consumer protection
- drive effective competition
Insurance Product Information Document
One of the key requirements of the IDD is a policy summary, the ‘Insurance Product Information Document’ (IPID). This is to help individual customers understand what’s included in their cover and will be supplied at quotation, renewal or for a mid-term significant change. The IPID will be provided as part of our standard service to you and will be in addition to the current documentation.
IPIDs are produced for the majority of our UK/Rest of the World and European Economic Area (‘EEA’) Individual IPMI products and can be accessed below.
Whilst not part of the IDD-specific requirements, similar documents are now a regulatory requirement in Hong Kong. Based on the IPID format, we have produced similar documents for that region and they too can be accessed below.