The European insurance industry federation has announced it has approved the EU's insurance mediation Directive.
The European insurance industry federation has announced it has approved the EU's mediation directive.
The Comité Européen des Assurances (CEA) said it welcomed the EU institutions' efforts to achieve a fully integrated single insurance market.
The CEA said the Directive was a positive step towards the completion of single market.
However, it warned that the Directive could add costly bureaucratic requirements.
The CEA said that the Directive would impose strict requirements on insurance intermediaries concerning their professionalism and the information they would have to give customers.
While welcoming the Directive, the CEA said that it was concerned that EU states might adopt even stricter provisions regarding the information requirements.
In a prepared statement the CEA said: "Provided these concerns are adequately addressed, CEA believes that the Directive should make it easier for intermediaries to operate within the EU.
"Furthermore, by increasing the information and choice of products available to customers their confidence in the insurance industry will grow."
