The European Commission has proposed making disclosure of remuneration mandatory for all sellers of non-life insurance products following a five-year transitional period in which disclosure information should be available on request, under its revised Insurance Mediation Directive (IMD II) issued on 3 July.
The scope of the IMD II will also be extended from covering agents and brokers to all sellers of insurance products, including direct insurance sellers, in order to improve competition and create a level playing field.
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