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EIOPA Demands Regulatory Cooperation On Policy Sales

Law360, London (October 10, 2018, 8:22 PM BST) -- Europe’s top insurance regulator said Wednesday that it has instructed national watchdogs to cooperate more closely on cross-border policy sales, after sweeping new rules for brokers went live earlier this month.

The European Insurance and Occupational Pensions Authority said it was aiming to improve information sharing between national watchdogs, and to boost consumer protection through better working relationships between regulators. The move comes after the Insurance Distribution Directive entered into force on Oct. 1. The regime is intended to make markets fairer and to boost consumer protection by improving transparency in costs and pricing.

“The application of new provisions … and...

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