European Council adopts Insurance Distribution Directive

On December 14 2015 the European Council formally adopted the EU Insurance Distribution Directive, as adopted on November 24 2015 by the European Parliament at first reading. The Insurance Distribution Directive will replace the EU Insurance Mediation Directive (2002/92/EC) and introduce refreshed minimum regulatory standards for insurance sales in the European Union. The Insurance Distribution Directive comes into force 20 days after its publication in the Official Journal of the European Union and will have two years to transpose it into national law.