Insurance Industry Warns Of Consumer Protection Duplication

Law360, London (July 3, 2019, 2:15 PM BST) -- Insurers urged European lawmakers on Wednesday to rewrite rules that protect consumers who buy financial products in another country within the bloc to prevent duplication of safeguards for insurance policies that have since come into force.

Insurance Europe, the voice of the industry, said the European Commission should evaluate whether the 2002 Distance Marketing Directive, known as DMD, is still needed after newer legislation, including the Insurance Distribution Directive, has taken effect. The lobby group warned that the overlaps "compromise legal certainty."

The DMD ensures that consumers who buy retail finance products such as insurance from a provider in another part of...

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