Vania Franceschelli
Member of Fecif Board of Directors
Foreign Affairs, Anasf

IDD and MiFID II. Beloved sisters or competing friends?

Time has come. On 19 March the amendment postponing the application date of directive 2016/97 (Insurance Distribution Directive - IDD) has been published in the Official Journal of the European Union. By 1 July Member States shall thus adopt and publish all the laws, regulations and administrative provisions necessary to comply with the directive. National measures shall apply from 1 October at the latest.

Given the very short period of time left, national institutions and stakeholders are working on the draft measures for the transposition of the IDD. This is also the case in Italy: a draft decree amending the Insurance Code of 2005 has recently been presented to Parliament.

One of the main issues at stake is the achievement of a level playing field between the insurance and financial sectors. This is particularly true for insurance-based investment products (IBIPs), which are often made available to customers as potential alternatives or substitutes to financial instruments regulated under MiFID II. With regard to IBIPs, the need to ensure consistent investor protection and avoid the risk of regulatory arbitrage has been achieved by providing for specific IDD requirements, in addition to the...

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