Transposed by all
Member
States, Directive 2002/92/EC sets important guarantees for consumers/policyholders
who turn to insurance intermediaries, such as agents and brokers. In particular, it establishes professional and information requirements with respect to the
activity ofinsurance mediation:
Registration
Insurance undertakings shall rely exclusively on insurance or reinsurance intermediaries
duly registered with the competent authorities.
Professional requirements
Insurance and reinsurance intermediaries shall hold professional indemnity insurance
covering the whole territory of the
Union
against liability arising from professional negligence. Moreover, measures are
set to protect customers against the inability of the insurance intermediary to transfer
the premium to the insurance undertaking or to transfer the amount of claim or
return premium to the insured.
Information requirements
Prior to the conclusion of any initial insurance contract, and, if necessary,
upon amendment or renewal thereof, an insurance intermediary shall provide the
customer with at least the following information:
whether he gives his advice on the basis of a fair analysis, namely an analysis
based on a sufficiently large number of insurance contracts available on the market;
whether he is under a contractual obligation to conduct insurance mediation business
exclusively with one or more insurance undertakings. In any case, he shall provide
the names of those insurance undertakings with which he does or may conduct business,
if requested by the customer.
