Dáil Éireann Debate, Tuesday - 3 October 2017
101. Deputy Noel Grealish asked the Minister for Finance the position regarding the transposition of the Insurance Distribution Directive; if it will be transposed on or before the EU deadline of 23 February 2018; if it will be delayed by up to a year; and if he will make a statement on the matter. [41235/17]
Amharc ar fhreagraThe Insurance Distribution Directive was published in the Official Journal of the European Union in February 2016 and must be transposed into Irish law by 23 February 2018. It will replace the Insurance Mediation Directive which was adopted in 2002 to regulate point of sale insurance products and will create a single market for the sale of insurance products. The Insurance Distribution Directive aims to further enhance consumer protection and ensure a level playing field by extending the scope of the directive to include all sales of insurance products. It will also seek to identify and mitigate conflicts of interest in particular in the area of commissions, as well as strengthen administrative sanctions.
The necessary work to progress the transposition of the Insurance Distribution Directive is continuing. In this regard, my Department is working closely with the Office of the Parliamentary Council and the Central Bank of Ireland to complete the work on the transposing regulations in advance of the deadline of 23 February 2018.
