Final draft wording to be published next week before moving to European Parliament debate in February

The Economic and Monetary Affairs (ECON) Committee has voted in favour of the final draft wording of the Insurance Mediation Directive (IMD) II.

The directive will now be put to the European Parliament in a plenary hearing and this is expected to take place in the second session of next month, which runs from 24 to 27 February.

The committee passed the wording with a caveat that the wording is adjusted for the results of the Markets in Financial Instruments Directive trialogue, although these minor amendments will not need further negotiation nor voting.

A spokesman confirmed that the final draft wording of the directive will be released next week by the ECON Committee. The revised directive is expected to contain several amendments to the original IMD, including:

  • a move to mandatory disclosure of commission rates;
  • the extension of the directive to cover aggregators and direct insurers; and
  • the creation of a centralised directory of European insurance intermediaries.

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