British Brokers Warm To Controversial EU Insurance Rules
Law360, London (October 1, 2019, 3:54 PM BST) -- British insurance brokers think new Europe-wide rules aimed at protecting consumers and supporting competition have boosted the industry, according to a study released Tuesday.
The Insurance Distribution Directive, a new European Union regime introduced in October 2018, has improved professional standards in the sector, made consumers better informed and made the industry fairer, a study of 250 U.K. insurance brokers conducted by specialist insurer Ecclesiastical reveals.
Almost two-thirds of brokers said the new rules have been good for the industry. Most insurers, 61%, said the regime’s biggest achievement has been to make policyholders better informed about the products they are buying....
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