#2018-361Insurance Distribution Regulation
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The law regulates how insurance distributors must operate in France, targeting transparency and professionalism. It requires distributors to provide standardized information documents to customers before signing non-life insurance contracts, except in specific cases. This aims to improve consumer protection and ensures that distributors are qualified and compliant with standards.
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Key Changes
- Standardized information documents must be provided before non-life insurance contracts.
- Defines the scope and requirements for insurance distributors.
- Establishes professional knowledge and ongoing training requirements for insurance intermediates.
Obligations
What this law requires
Before concluding a non-life insurance contract, distributors must provide customers with a standardized information document on the insurance product prepared by the product designer, under conditions defined by decree
Distributors must not provide the standardized information document for contracts covering risks listed in Article L. 111-6, contracts under Article L. 861-4 of the Social Security Code, contracts subject to standardized information sheet requirements under Article L. 313-10 of the Consumer Code, and insurance operations under Article R. 321-1
When proposing non-insurance goods or services bundled with an insurance contract, distributors must provide before contract conclusion an appropriate description of the different bundle elements and indicate how their interaction modifies the insurance risk or coverage
Distributors of insurance and reinsurance products and their personnel whose activities include providing recommendations or helping conclude contracts must possess appropriate knowledge and aptitudes before commencing their activities
Insurance intermediaries and reinsurance intermediaries and personnel of insurance/reinsurance companies must comply with continuous professional training and development requirements to maintain adequate performance levels