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Bancassurance and the new EU Insurance Distribution Directive
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Esta dissertação estuda o impacto da nova Diretiva da Distribuição de Seguros da UE (2016/97 / EU, DDS) na bancassurance, que se refere à venda de produtos de seguros por instituições bancárias. O principal objetivo é estudar, sob os novos requisitos da DDS, quais os desafios legais que os bancos enfrentam na distribuição de produtos de seguros. Para esse fim, estudamos os novos requisitos impostos pela DDS e comparamos com a anterior Diretiva da Mediação de Seguros (2002/92 / EU, DMS) em relação aos seguintes aspetos: requisitos de informação, conduta dos negócios e requisitos profissionais e organizacionais.
Descobrimos que, em geral, em comparação com a DMS, a nova DDS impõe requisitos mais rigorosos que os bancos devem cumprir. A DDS restringe as atividades de distribuição de seguros através dos bancos, proibindo os bancos de distribuírem produtos de seguros sob a forma de mediadores de seguros ligados ou auxiliares. De acordo com a nova DDS, os bancos agora são considerados mediadores de seguros e devem cumprir todos os importantes requisitos da DDS, incluindo: (i) realização de pelo menos 15 horas de formação profissional por ano para os seus funcionários; (ii) divulgação aos clientes de informações sobre remuneração (iii) cumprir requisitos de supervisão e governança de produtos, em particular, os bancos devem manter e organizar uma política de supervisão e governança de produtos ou acordos de distribuição de seguros, a fim de garantir que os seus produtos ou a sua distribuição de seguros atendam aos melhores interesses dos clientes e (iv) no caso de venda cruzada, os bancos devem especificar as necessidades e exigências dos clientes em relação aos produtos de seguros e oferecer aos clientes a capacidade de comprar produtos de seguros e outros produtos separadamente. Particularmente para os produtos de seguros baseados em investimentos (IBIPs), os bancos devem: i) fornecer aos clientes mais informações, incluindo relatório periódico de avaliação da adequação dos IBIPs, uma declaração de adequação e relatório periódico sobre a distribuição dos IBIPs; ii) estabelecer uma política de conflitos de interesse, (iii) avaliar os incentivo ou esquemas de incentivo; e (iv) avaliar a adequação ou inadequação dos IBIPs.
This dissertation studies the impact of the new EU Insurance Distribution Directive (2016/97/EU, IDD) on the bancassurance which is referred to the selling of insurance products by banking institutions. The main objective is to study under the new requirements of the IDD what legal challenges banks will face in distributing insurance products. To this end, we study the new requirements imposed in the IDD and compare with the previous Insurance Mediation Directive (2002/92/EU, IMD) with respect to the following aspects: requirements on information, the conduct of business, and professional and organisational requirements. We found that, in general, in comparison with the IMD, the new IDD places stricter requirements that banks must comply with. The IDD tightens the activities of insurance distribution through banks by prohibiting banks distributing insurance products under the form of tied or ancillary insurance intermediaries. Under the new IDD, banks are now considered as insurance intermediaries and must comply fully important IDD’s requirements, including: (i) conducting at least 15 hours of professional training per year for their employees, (ii) disclosing customers with information concerning remuneration in relation to insurance contracts, (iii) conducting requirements of product oversight and governance, in particular, banks must maintain and arrange whether a products oversight and governance policy or insurance distribution arrangements in order to ensure that their insurance products or their insurance distribution will meet the best interest of customers, and (iv) in the case of cross-selling, banks must specify the demands and needs of customers in relation to insurance products, and offering customers the ability of buying insurance products and other products separately. Particularly, for insurance-based investment products (IBIPs), banks must i) provide customers with more information, including periodic report of assessment of the suitability of IBIPs, a suitability statement, and periodic report concerning distribution of IBIPs, ii) establish a conflicts of interest policy, (iii) assess inducement or inducement scheme, and (iv) assess the suitability or appropriateness of IBIPs.
This dissertation studies the impact of the new EU Insurance Distribution Directive (2016/97/EU, IDD) on the bancassurance which is referred to the selling of insurance products by banking institutions. The main objective is to study under the new requirements of the IDD what legal challenges banks will face in distributing insurance products. To this end, we study the new requirements imposed in the IDD and compare with the previous Insurance Mediation Directive (2002/92/EU, IMD) with respect to the following aspects: requirements on information, the conduct of business, and professional and organisational requirements. We found that, in general, in comparison with the IMD, the new IDD places stricter requirements that banks must comply with. The IDD tightens the activities of insurance distribution through banks by prohibiting banks distributing insurance products under the form of tied or ancillary insurance intermediaries. Under the new IDD, banks are now considered as insurance intermediaries and must comply fully important IDD’s requirements, including: (i) conducting at least 15 hours of professional training per year for their employees, (ii) disclosing customers with information concerning remuneration in relation to insurance contracts, (iii) conducting requirements of product oversight and governance, in particular, banks must maintain and arrange whether a products oversight and governance policy or insurance distribution arrangements in order to ensure that their insurance products or their insurance distribution will meet the best interest of customers, and (iv) in the case of cross-selling, banks must specify the demands and needs of customers in relation to insurance products, and offering customers the ability of buying insurance products and other products separately. Particularly, for insurance-based investment products (IBIPs), banks must i) provide customers with more information, including periodic report of assessment of the suitability of IBIPs, a suitability statement, and periodic report concerning distribution of IBIPs, ii) establish a conflicts of interest policy, (iii) assess inducement or inducement scheme, and (iv) assess the suitability or appropriateness of IBIPs.
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Palavras-chave
Bancassurance Insurance distribution Directive Insurance mediation directive Diretiva da distribuição de seguros