New code of conduct for loss adjusters likely: Bernardino
UK Loss adjusters face regulation under the Insurance Mediation Directive 2 (IMD II), EIOPA chairman Gabriel Bernardino has said.
Speaking at a European Federation of Loss Adjusting Experts conference in Portugal earlier this month, Bernardino said: “The commission’s legislative proposal, IMD II, is expected soon and I am aware that the commission intends to capture loss adjusters under the scope of IMD II.
“In my opinion, it is fundamental to assure that all loss adjusters working in the EU follow strict rules of professional conduct including maintaining qualities of integrity and impartiality and are bound by sound loss adjusting practices.”
Cila executive director Malcolm Hyde said that Bernardino did not reveal specifics, but that any incoming regulation was likely to focus on providing consumer confidence in loss adjusters and demonstrating competence.
There is likely to be a consultation before any new regulation comes in, Hyde added.
He said: “The inference was quite clear that regulation would come for fulfilment of claims.”
Cila supported what Bernardino suggested, Hyde added.
The draft text of IMD II should be published in the next few weeks.