The competent authorities of the host Member State may take the necessary steps to ensure appropriate publication of the conditions under which, in the interest of the general good, the business concerned must be carried on in their territories. (15) Such registration should allow insurance and reinsurance intermediaries to operate in other Member States in accordance with the principles of freedom of establishment and freedom to provide services, provided that an appropriate notification procedure has been followed between the competent authorities. In addition, all intermediaries should explain the reasons underpinning their advice. However, that intermediary may start business immediately if the host Member State does not wish to be informed of the fact.2. (9) OJ L 63, 13.3.1979, p. 1. by 23 February 2021. 1. All persons required to receive or divulge information in connection with this Directive shall be bound by professional secrecy, in the same manner as is laid down in Article 16 of Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC (third non-life insurance Directive)(10) and Article 15 of Council Directive 92/96/EEC of 10 November 1992 on the coordination of laws, regulations and administrative provisions relating to direct life assurance and amending Directives 79/267/EEC and 90/619/EEC (third life assurance Directive)(11).Article 10ComplaintsMember States shall ensure that procedures are set up which allow customers and other interested parties, especially consumer associations, to register complaints about insurance and reinsurance intermediaries. 32. The current IMD regulates the selling practices of all insurance products. In that communication they shall provide a table indicating the national provisions corresponding to this Directive.Article 17Entry into forceThis Directive shall enter into force on the day of its publication in the Official Journal of the European Communities.Article 18AddresseesThis Directive is addressed to the Member States.Done at Brussels, 9 December 2002.For the European ParliamentThe PresidentP. Insurance and reinsurance intermediaries shall possess appropriate knowledge and ability, as determined by the home Member State of the intermediary.Home Member States may adjust the required conditions with regard to knowledge and ability in line with the activity of insurance or reinsurance mediation and the products distributed, particularly if the principal professional activity of the intermediary is other than insurance mediation. Consequently, it will not lead to the removal of restrictive requirements already in place in EU Member States. Every such measure shall be subject to the right to apply to the courts in the Member State which adopted it.Article 9Exchange of information between Member States1. Following the wave of other regulatory changes, such as MiFID II and The European Union Directive on Insurance Mediation applies to all EEA-domiciled intermediaries. (4) OJ L 26, 31.1.1977, p. 14. The IDD applies to all sellers of insurance products: insurance intermediaries, such as agents and brokers, which have to be registered in their home country and … The information disclosure requirements require coverholders to provide more information than they do at present, for example, that they are acting on behalf of an insurance undertaking. Exchange of information between Member States. (3) Opinion of the European Parliament of 14 November 2001 (OJ C 140 E, 13.6.2002, p. 167), Council Common Position of 18 March 2002 (OJ C 145 E, 18.6.2002, p. 1) and Decision of the European Parliament of 13 June 2002 (not yet published in the Official Journal). 4. In particular, durable medium covers floppy disks, CD-ROMs, DVDs and hard drives of personal computers on which electronic mail is stored, but it excludes Internet sites, unless such sites meet the criteria specified in the first paragraph. Official Journal L 009 , 15/01/2003 P. 0003 - 0010. (11) This Directive should apply to persons whose activity consists in providing insurance mediation services to third parties for remuneration, which may be pecuniary or take some other form of agreed economic benefit tied to performance. Any measure adopted involving sanctions or restrictions on the activities of an insurance or reinsurance intermediary must be properly justified and communicated to the intermediary concerned. (19) This Directive should specify the obligations which insurance intermediaries should have in providing information to customers. These Regulations implement in part the European Parliament and Council Directive 2002/92/EC on insurance mediation (“the Directive”). It is therefore appropriate to replace Directive 77/92/EEC with a new directive. You may not be aware that the sale of insurance products in the EU is regulated by the insurance mediation directive (IMD). 3. In particular, in the case of tied insurance intermediaries, they may be registered by an insurance undertaking or by an association of insurance undertakings under the supervision of a competent authority. More specifically, it sets minimum standards covering matters such as fitness and propriety, training and competence, prudential requirements and complaints handling. (1) Insurance and reinsurance intermediaries play a central role in the distribution of insurance and reinsurance products in the Community. The methods of making such reference shall be laid down by the Member States.2. Prior to the conclusion of any initial insurance contract, and, if necessary, upon amendment or renewal thereof, an insurance intermediary shall provide the customer with at least the following information:(a) his identity and address;(b) the register in which he has been included and the means for verifying that he has been registered;(c) whether he has a holding, direct or indirect, representing more than 10 % of the voting rights or of the capital in a given insurance undertaking;(d) whether a given insurance undertaking or parent undertaking of a given insurance undertaking has a holding, direct or indirect, representing more than 10 % of the voting rights or of the capital in the insurance intermediary;(e) the procedures referred to in Article 10 allowing customers and other interested parties to register complaints about insurance and reinsurance intermediaries and, if appropriate, about the out-of-court complaint and redress procedures referred to in Article 11.In addition, an insurance intermediary shall inform the customer, concerning the contract that is provided, whether:(i) he gives advice based on the obligation in paragraph 2 to provide a fair analysis, or(ii) he is under a contractual obligation to conduct insurance mediation business exclusively with one or more insurance undertakings. Latest consolidated version: 23/02/2016, ELI: http://data.europa.eu/eli/dir/2002/92/oj, Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation In that case, he shall, at the customer's request provide the names of those insurance undertakings, or. In such cases, that intermediary may pursue an activity of insurance mediation only if an insurance intermediary fulfilling the conditions of this Article or an insurance undertaking assumes full responsibility for his actions. Member States shall provide for appropriate sanctions in the event of an insurance or reinsurance intermediary's failure to comply with national provisions adopted pursuant to this Directive.4. To date, however, across the rest of the EU, IMD application has been softer and inconsistent. Member States shall ensure that registration of insurance intermediaries - including tied ones - and reinsurance intermediaries is made subject to the fulfilment of the professional requirements laid down in Article 4. 2. They shall forthwith inform the Commission thereof.These measures shall contain a reference to this Directive or shall be accompanied by such reference on the occasion of their official publication. INFORMATION REQUIREMENTS FOR INTERMEDIARIES, Information provided by the insurance intermediary. The IDD aims to strengthen and consolidate the existing rules of IMD. These Regulations lay down rules for undertaking insurance mediation and reinsurance mediation by persons who undertake or wish to undertake either or both of those act "large risks" shall be as defined by Article 5(d) of Directive 73/239/EEC; (a) where the intermediary is a natural person, the Member State in which his residence is situated and in which he carries on business; (b) where the intermediary is a legal person, the Member State in which its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated; 10. (9) OJ L 63, 13.3.1979, p. 1. By way of derogation from paragraph 1(a), the information referred to in Article 12 may be provided orally where the customer requests it, or where immediate cover is necessary. Moreover, information shall be provided to the customer in accordance with paragraph 1 immediately after the conclusion of the insurance contract.CHAPTER IVFINAL PROVISIONSArticle 14Right to apply to the courtsMember States shall ensure that decisions taken in respect of an insurance intermediary, reinsurance intermediary or an insurance undertaking under the laws, regulations and administrative provisions adopted in accordance with this Directive may be subject to the right to apply to the courts.Article 15RepealDirective 77/92/EEC is hereby repealed with effect from the date referred to in Article 16(1).Article 16Transposition1. Free Practical Law trial. These activities when undertaken by a reinsurance undertaking or an employee of a reinsurance undertaking who is acting under the responsibility of the reinsurance undertaking are not considered as reinsurance mediation. Insurance and reinsurance intermediaries shall be of good repute. This Directive shall not affect a Member State's law in respect of insurance mediation business pursued by insurance and reinsurance intermediaries established in a third country and operating on its territory under the principle of freedom to provide services, provided that equal treatment is guaranteed to all persons carrying out or authorised to carry out insurance mediation activities on that market. This Directive lays down rules for the taking-up and pursuit of the activities of insurance and reinsurance mediation by natural and legal persons which are established in a Member State or which wish to become established there. It seeks a level playing field between participants in insurance sales in order to improve consumer protection, market integration and competition. Official Journal L 009 , 15/01/2003 P. 0003 - 0010. In that case, he shall, at the customer's request provide the names of the insurance undertakings with which he may and does conduct business.In those cases where information is to be provided solely at the customer's request, the customer shall be informed that he has the right to request such information.2. 2. 2. (22) There is a need for suitable and effective complaint and redress procedures in the Member States in order to settle disputes between insurance intermediaries and customers, using, where appropriate, existing procedures.