To learn more about the regulation, we offer you excerpts from Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation.
Excerpts from Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation
Some Definitions:
Insurance mediation
Any activity consisting of presenting or proposing insurance contracts, or carrying out other preparatory work for their conclusion or concluding them, or contributing to their management and execution, particularly in the event of a claim.
Insurance intermediary
Any natural or legal person who, for remuneration, accesses or carries out insurance mediation activities.
Scope:
This directive establishes rules concerning access to insurance and reinsurance mediation activities and their exercise by natural and legal persons established or wishing to establish themselves in a Member State.
Exemption from general principles: (Art. R. 513-13)
This directive does not apply to insurance and reinsurance mediation services provided for risks and commitments located outside the Community. Likewise, the obligations mentioned in this book do not apply to persons offering insurance mediation services as an ancillary activity to their main professional activity when the insurance contracts meet all the following characteristics:
1° The insurance contract only requires knowledge of the coverage offered by the insurance,
2° The insurance contract is not a life insurance contract,
3° The insurance contract does not include any liability coverage,
4° The insurance contract constitutes a supplement to the product or service provided by a supplier and covers:
a) Either the risk of malfunction, loss, including theft, or damage to the goods supplied,
b) Or damage or loss, including theft, of luggage and other travel-related risks, even if the insurance covers life or liability, provided this coverage is ancillary to the main coverage related to these travel risks,
5° The amount of the annual premium does not exceed 500 euros and the total duration of the insurance contract, including any renewals, does not exceed five years.