The Insurance Distribution Directive (IDD)
As you will no doubt know, the Insurance Distribution Directive (IDD) comes into force on 1 October 2018.
The IDD replaces the Insurance Mediation Directive (IMD). It aims to enhance consumer protection when buying insurance.
What do you need to do?
Firms distributing insurance products are responsible for ensuring customers are provided with all necessary disclosures, statements and product information required under the new rules.
How are we helping you to comply?
- We've produced Insurance Product Information Documents (IPIDS's) for our general insurance products. We’ve also produced ‘Target Market Documents’ to help you assess who our products are suitable for. These will be available on our Adviser Centre from 1 September 2018 to download and print. Please note IPID’s will replace our Policy Summary Documents from this date.
- We’re making changes to incorporate the new IDD rules into our online quote and apply system GI Connect from 31 August 2018. We’ve reviewed and updated the demands and needs questions to ensure that they are as clear as possible for your customers. You’ll also be able to access the relevant IPID documents through GI Connect.
- If you use GIology, we'll be making sure the demands and needs question set is updated and relevant IPIDs are available by 1 October 2018.
If you have any queries about what we are doing to help, please get in touch with your Legal & General Account Manager.
If you have any other queries regarding IDD and are an Appointed Representative, you should speak to your Network.
Thanks for your continued support.