New legal regime for the distribution of insurance and reinsurance

With the broadening of the concept of «insurance istribution» insurance companies that sell insurance products directly are also covered by the new legal regime and the category of tied insurance intermediary eases to exist.

Law 7/2019 was published on 16 January 2019 to implement Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on the distribution of insurance (the Insurance Distribution Directive or «IDD»).