30 August 2018

Important information about the Insurance Distribution Directive (IDD)

As you will no doubt know, the Insurance Distribution Directive (IDD) comes in to force on 1 October 2018. Find out how we’re helping you comply.

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 (IPID's) for our home insurance products. We’ve also produced an ‘Additional Information Document’ which provides more information on Rainbow Home Insurance. In addition, we’ve developed a ‘Target Market Document’ to help you assess who our products are suitable for. These will all be available on our Broker Centre to download and print from 1 September 2018. Please note the IPID and ‘Additional Information Document’ will replace our Policy Summary document from this date.

  • You’ll find our IPID is already available on the CDL, SSP and Applied Software Systems. The ‘Additional Information Document’ will be available by the 1 October 2018.

  • Our IPID and ‘Additional Information Document’ will be available on Open GI by the 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.


You can find out more about IDD on the FCA website.


Thanks for your continued support.