The Insurance Distribution Directive (IDD) is a new EU directive which creates a minimum legislative framework for the distribution of insurance and reinsurance products within the EU. It aims to facilitate market integration and enhance consumer protection and comes into force from 1st October 2018.
There are several key changes as a result of IDD, affecting product approval and governance as well as professional development and remuneration disclosures. Further information is available here.
Each Product manufactured by Allianz Care that is distributed within the EU from 1st October 2018 must be supported by an Insurance Product Information Document (IPID). Distributors of our products within the EU are required, prior to the conclusion of a contract, to provide each consumer with the relevant Insurance Product Information Document to allow the customer to make an informed decision. The Insurance Product Information Document must be provided to the customer free of charge.
Where an EU Member State requires so, the Distributor must also provide the relevant Insurance Product Information Document to Commercial Customers. Where such action is not required by that EU Member State, our Distributors are under no obligation to provide an Insurance Product Information Document to Commercial Customers.
Click on the links below to view our latest IPIDs.
In addition to the above, Allianz Care are obliged to notify all our Distributors that we have Product Oversight and Governance processes in place to oversee the design, approval and periodic review of our Products.
Our Product Oversight and Governance Process:
All Allianz Care Products are periodically reviewed following their introduction to the market in order to assess their ongoing appropriateness and identify whether design changes to the Product are required.