New Insurance Distribution Regulation - IDD | PwC Belgium

Skip to content Skip to footer

Menu

Services Services Audit & assurance Consulting Cyber, Privacy & Resilience Deals Digital Managed Services People Related Services Project resource solutions SAP Small, medium or family businesses Sustainability & climate change Tax & legal

Menu

Services Audit & assurance Accounting advisory services Actuarial Services Capital markets Crisis & continuity management Financial audit Internal audit Internal controls International Public Sector Accounting Standards (IPSAS) Investor relations Privacy Reporting & assurance Risk management & business resilience Sustainability assurance & reporting

Menu

Services Consulting Management consulting People & transformation Publications Risk consulting Risk consulting forensics Risk consulting treasury Strategy Technology consulting

Menu

Services Cyber, Privacy & Resilience AI Security & Safety Crisis & continuity management Data protection and compliance Digital identity Governance, risk and compliance Managed cybersecurity services Offensive security

Menu

Services Deals Business Planning Business restructuring Buy-side due diligence Corporate finance Debt & capital advisory Financial modelling IFRS expertise Legal services for transactions M&A tax Operations People & deals Project finance Strategic & commercial due diligence Technology due diligence Valuations services Vendor due diligence

Menu

Services Digital Brussels experience center

Menu

Services Managed Services

Menu

Services People Related Services HR Technology services News People & Transformation Podcast Publications Reward services

Menu

Services Project resource solutions

Menu

Services SAP

Menu

Services Small, medium or family businesses Myfinancepartner Owners agenda Private wealth management SME's accounting and advice Startup & scale up

Menu

Services Sustainability & climate change

Menu

Services Tax & legal Digitise your tax function E-invoicing & e-reporting support ITX tradeflow analyser Market taxation analyser Merger & acquisition myTaxLocator Need to Know PwC & Harvey PwC tax bites Podcast Robovat Smartreward Sustainable tax strategy Tax fund reporting Tax technology solutions VAT insights

Featured

Managed Services

People Related Services

Menu

Industries Industries Aerospace & defence Asset & wealth management Automotive & Mobility Banking & capital markets Chemicals Consumer markets & retail Energy, utilities & resources Engineering & construction Financial services Government & public services Health industries Industrial manufacturing Insurance Mining & Metals Paper & Packaging Real estate Technology, Media & Telecommunications Transport & logistics

Menu

Industries Aerospace & defence Commercial aviation Defence Security Space

Menu

Industries Asset & wealth management

Menu

Industries Automotive & Mobility

Menu

Industries Banking & capital markets

Menu

Industries Chemicals

Menu

Industries Consumer markets & retail

Menu

Industries Energy, utilities & resources Hydrogen Oil & gas Power & utilities Sustainability Renewables

Menu

Industries Engineering & construction

Menu

Industries Financial services Asset & wealth management Banking & capital markets Insurance Sustainable finance

Menu

Industries Government & public services Defence & Security

Menu

Industries Health industries Belgian health ecosystem Sustainability in Health Industries Audit and Assurance Talent and Resources Funding and financing strategy Mergers and Acquisitions Technology and Digitalisation Quality, regulatory and compliance management Research and Development (R&D) Go to Market in the new HealthCare Ecosystem Tax and Legal framework Supply Chain and Operations AI and digital technologies

Menu

Industries Industrial manufacturing

Menu

Industries Insurance

Menu

Industries Mining & Metals

Menu

Industries Paper & Packaging

Menu

Industries Real estate

Menu

Industries Technology, Media & Telecommunications Technology Media Telecommunications

Menu

Industries Transport & logistics

Menu

Careers Careers Our open vacancies Events Recruitment process Our culture Meet our business Get in touch What we value

Menu

Careers Our open vacancies Entry-level positions Experienced candidates Internships

Menu

Careers Events

Menu

Careers Recruitment process

Menu

Careers Our culture Nurturing career growth Learning every day A work style that suits you Making a real contribution to the world Be yourself, be different A home for solvers

Menu

Careers Meet our business Audit and Assurance Consulting Deals/Mergers & Acquisitions Technology/Cybersecurity & Privacy Accounting and Tax Business support

Menu

Careers Get in touch

Menu

Careers What we value

Menu

Media centre Media centre News Publications Press releases Client case studies Podcasts Subscribe to our Newsletter

Menu

Media centre News Belgian tax reform Financial services & real estate People & Organisation Tax

Menu

Media centre Publications

Menu

Media centre Press releases

Menu

Media centre Client case studies

Menu

Media centre Podcasts Tax bites podcast Brexit podcast PwC's treasury, finance & beyond podcast PwC's workforce podcast Corporate venturing podcast PwC's podcast for the (semi) public sector Operating with Positive Impact podcast AI Unscripted

Menu

Media centre Subscribe to our Newsletter

Menu

Challenges Challenges Cyber-security Integrated reporting Next generation public sector Risk ESG, sustainability & climate change Artificial Intelligence

Menu

Challenges Cyber-security

Menu

Challenges Integrated reporting

Menu

Challenges Next generation public sector

Menu

Challenges Risk

Menu

Challenges ESG, sustainability & climate change ESG in the Deals cycle ESG in Financial Services ESG in reporting and assurance ESG in value and supply chains ESG and the workforce of the future Sustainable energy and utilities Technology and ESG ESG regulatory landscape ESG in finance transformation Climate change Sustainability in Health Industries

Menu

Challenges Artificial Intelligence Trust Solutions, technology and data Organisational upskilling and change Continuous improvement Strategic transformation Case studies and insights

Featured

Value in motion

Artificial intelligence that drives real impact

Menu

Events Events Events Recruitment events

Menu

Events Events

Menu

Events Recruitment events

Menu

About us About us Alumni network Annual report Analyst relations Our offices Code of conduct Sustainability at PwC History & milestones Extended Leadership Team of PwC Belgium Our culture Sponsor of the Royal Belgian Football Association Transparency report Celebrating 100 years of partnerships Contact us Committed to Net Zero The New Equation Suppliers

Menu

About us Alumni network

Menu

About us Annual report

Menu

About us Analyst relations

Menu

About us Our offices

Menu

About us Code of conduct

Menu

About us Sustainability at PwC Environmental impact Social impact Governance

Menu

About us History & milestones

Menu

About us Extended Leadership Team of PwC Belgium

Menu

About us Our culture

Menu

About us Sponsor of the Royal Belgian Football Association

Menu

About us Transparency report

Menu

About us Celebrating 100 years of partnerships

Menu

About us Contact us

Menu

About us Committed to Net Zero

Menu

About us The New Equation

Menu

About us Suppliers

Featured

PwC Belgium FY25 Annual Report

Loading Results

No Match Found

View All Results

Insurance Distribution Directive (IDD)

New insurance distribution regulation

IDD is to be transposed by 23 February 2018 and is applicable to all insurance distributors.

On 2 February 2016, the Insurance Distribution Directive (Directive 2016/97/EU) (IDD) was published in the Official Journal of the European Union.

The IDD replaces the 2002 Insurance Mediation Directive (Directive 2002/92/EC) (IMD). It must be transposed in the Members States by 23 February 2018. The provisions of the IDD are somewhat similar to its predecessor the IMD, but the breadth and depth of application means that it could have a broader impact on all firms that sell insurance products.

Why was the IDD introduced?

The IDD was introduced to address deficiencies in the IMD and, like its predecessor, is a minimum harmonisation directive. This means that the provisions can be gold plated by EU Member States. The IDD is broad in scope and applies to the distribution of both insurance and reinsurance products.

It affects all sellers of insurance products and insurance undertakings that sell insurance directly to customers. This includes aggregators and online insurance retailers. It will also apply to anyone whose activities include assisting in the administration and performance of a contract of insurance such as loss adjusters and claims managers.

This broad scope means that some distributors and administrators of insurance products are facing a suite of new regulations that they will need to prepare for.

Objectives

• EU-wide minimum harmonisation
• Strengthening consumer protection
• Identifying and avoiding conflicts of interest
• Introducing distribution channel standards
• A level playing field for different distribution channels

Affected companies

In order to guarantee that the same level of protection applies regardless of the channel through which customers buy an insurance product, either directly from an insurance undertaking or indirectly from an intermediary, the scope of this Directive needs to cover not only insurance undertakings or intermediaries, but also other market participants who sell insurance products on an ancillary basis, such as travel agents and car rental companies, unless they meet the conditions for exemption.

Compliance with the Insurance Distribution Directive

Structure review for ancillary intermediaries

Download here

How IDD will impact your organisation?

Subjects	Requirements IDD
General requirements	Scope Professional and organizational requirements Compensation Sanctions and measures
Product governance	Product Governance manufacturer Product Governance distribution Cross-selling
Distribution / Marketing	General Information Conflict of Interest Distribution Standards Insurance investment product information (Ex ante cost reporting)	Inducements Insurance investment products Distribution of insurance investment products, with advice Distribution of insurance investment products, without advice
Reporting obligations insurance-based investment products	Periodic suitability statement Ex post product reporting Ex post cost reporting

Non-compliance with IDD can have significant negative consequences

• Personal liability for management and supervisory bodies (for legal entities).
• Financial penalties against legal entities:
  • At least 5,000,000 euros or up to five percent of the total annual turnover.

• Publication of the type and nature of the breach and the identity of persons responsible for it.
• Financial penalties against natural persons:
  • At least 700,000 euros or up to twice the amount of the profits gained or losses avoided because of the breach.

• Ban on the exercise of a management function in insurance intermediaries or undertakings for any members of the management body who are held responsible.
• Damage for the falsely issued KIDs (PRIIPS)

What do I need to do?

Insurance firms affected by the IDD will need to ensure that they can comply with the IDD’s obligations. Those operating under current IMD exemptions will need to revisit their business operations to ensure that they are still exempt under the IDD.

Get in touch with us

Related services

Accelerate digital and technology impact Insurance Navigate risk and regulatory complexity

Contact us

Géraldine D'Argembeau

Partner ESG, Risk & Compliance, PwC Belgium

Tel: +32 476 47 19 59

Email

Lore Vanderstraeten

Director, PwC Belgium

Tel: +32 494 41 89 69

Email Connect with PwC Belgium

Thank you for your interest in PwC

We have received your information. Should you need to refer back to this submission in the future, please use reference number "refID".

Required fields are marked with an asterisk(*)

Please correct the errors and send your information again.

Full name* Company name* Email address* Subject * Provide more details about your inquiry* Before proceeding, please check the box below*

Tick this box to verify you are not a robot

Your personal information will be handled in accordance with our Privacy Statement. You can update your communication preferences at any time by clicking the unsubscribe link in a PwC email or by submitting a request as outlined in our Privacy Statement.

Cancel Submit

Contact us

Gregory Joos

Partner, Head of Financial Services, PwC Belgium

Tel: +32 473 91 03 53

Email Get in touch Hide Careers Industries Media centre Offices Services Contact us

© 2016 - 2025 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

• Privacy statement
• Legal disclaimer
• Cookie information
• Sitemap