IIB issues warning on IMD review
The Institute of Insurance Brokers (IIB) has flagged up its concerns that the Insurance Mediation Directive (IMD) review could result in mandatory commission disclosure.
According to the IIB, the IMD review has stirred up the debate over transparency and conflicts of interest in the general insurance market, with the question of mandatory, up-front commission disclosure being back in the mix.
In a response to the consultation by the European Commission on how to amend IMD with a view to greater harmonisation of selling practices and creating a level playing field between all those involved in the selling of insurance products, the IIB said it was firmly against
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