Direct distribution

As part of implementation of the Insurance Distribution Directive (EU) 2016/97 (IDD), the Insurance Distribution Act (VersVertG), the Insurance Distribution Ordinance (VersVertV), and the implementing and delegated acts on the IDD enacted by the European Commission will enter into force on 1 October 2018. The IDD also covers insurance undertakings that are active in direct distribution. In addition to the general requirements for the distribution of insurance products, these insurance undertakings must in particular issue the necessary documentation under Article 16 VersVertG and designate an internal function responsible for implementing the requirements of Article 14 (professional qualification) and Article 15 (good repute) VersVertG. For all other requirements governing the direct distribution of insurance undertakings arising as part of implementation of the IDD, please refer to the comments under the insurance intermediaries heading, the FAQ on insurance distribution (Link), and the applicable legal provisions ((!!!)IDD regulatory project).