EUROPEAN COMMISSION Brussels, XXX COM(2012) 360 ... - BVVM

1.4.3. Expected result(s) and impact
Specify the effects which the proposal/initiative should have on the
beneficiaries/groups targeted.
The proposal aims at: extending the scope of application of IMD to all distribution
channels; identifying, managing and mitigating conflicts of interest; raising the level
of harmonisation of administrative sanctions for infringements of sales rules;
enhancing the suitability and the objectiveness of advice; ensuring sellers'
professional qualifications match the complexity of products sold; simplifying and
approximating the procedure for cross-border entry to markets across the EU.
1.4.4. Indicators of results and impact
Specify the indicators for monitoring implementation of the proposal/initiative.
Reports should be prepared on consumer protection; progress made in achieving
undistorted competition; developments on cross-border business, impact of the
proposed measures on insurance markets.
1.5 Grounds for the proposal/initiative
1.5.1. Requirement(s) to be met in the short or long term
As a result of the application of the revised Directive in Member States:
• The new rules would broaden consumer choice and quality of service received.
• Improved information and increased transparency are likely to lead to better
competition and benefit efficient intermediaries.
• The authorisation and supervision of insurance intermediaries and other sellers
of insurance products would be harmonised and the coordination between national
supervisors would be improved.
• All sellers of insurance products operating in the EU would be regulated
appropriately, taken into account proportionality and the need of SMEs.
• Professional qualifications for all sellers of insurances will match the
complexity of the product sold.
• More cross–border entry is predicted.
• Sanctioning regime would be increased by creating an appropriate and
harmonised framework to prevent and address key violations of the Directive.
1.5.2. Added value of EU involvement
1) A regulatory patchwork can lead to increased administrative costs and regulatory
arbitrage.
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