Fears trade bodies are on IMD2 collision course
The Association of British Insurers (ABI) and the British Insurance Brokers' Association (Biba) could be on a collision course over the revised Insurance Mediation Directive (IMD2).
A consultation document was published by the European Commission (EC) at the end of November 2010 and on 10 December a public hearing was held in Brussels where new minimum harmonisation requirements, including extending the directive to all sellers of insurance, was discussed.
Steve White, head of compliance and training at Biba, said he believed the way insurance products were distributed by insurers and direct writers would be included in IMD2.
He claimed the EC was "absolutely wedded" to the
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