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

• The definitions of 'home Member State', 'host Member State', 'insurance
intermediary', 'reinsurance intermediary' and 'durable medium' are the subject of
clarifying amendments.
Chapter II - Registration requirements
Article 3 leaves the registration requirements of IMD1 largely unchanged, but
requires the establishment of a single electronic register by EIOPA (linking of
national databases) and requires disclosure of certain arrangements with other
persons. This single electronic register shall function as a portal linking back to
national registers. It also exempts from registration persons within the scope of the
declaration procedure (see Article 4).
Chapter III - Declaration procedure
Article 4 establishes a simplified procedure which exempts two groups of persons
from the registration procedure mentioned above, enabling them to carry on
mediation activities by way of a simple declaration. They are
• those who conduct insurance mediation as an activity ancillary to their principal
professional activity, and who meet certain other conditions (such as travel
agents). Broadly, the other conditions are that the products are complementary to
another product or service, do not cover life assurance or liability risks other than
incidental cover, and
• those whose activities are limited to the professional management of claims and to
loss adjustment.
The declaration procedure mainly covers travel agents, car rentals selling insurance
products as well as loss adjusters and claim handlers.
Chapter IV - Freedom to provide services and freedom of establishment
Articles 5, 6, and 7 reflect the provisions in Article 5 of IMD1, the revised MiFID
proposal and the Luxembourg Protocol 12 . They also address the division of
competence between Home and Host Member State supervisors, particularly in
situations where an insurance or reinsurance intermediary is not meeting its
obligations when transacting business in the Host Member State.
Chapter V – Other organisational measures
Article 8 sets out the professional and organisational requirements that comprise
Article 4 in IMD1: requirement to have appropriate knowledge and ability;
requirement to be of good repute; requirement to hold professional indemnity
insurance and measures to protect against the intermediary's inability to transfer
premium to the insurance undertaking or claims money or return premiums to the
insured. It also includes a requirement for continuous professional development. In
order to achieve a proportionate impact, the rules applying to those pursuing
12 Protocol Relating to the Cooperation of the Competent Authorities of the Member States of the European Union in
Particular Concerning the Application of Directive 2002/92/EC of the European Parliament and of the Council of 9
December 2002 on Insurance Mediation
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