What does this mean?
Common regulations are in place for insurance distribution in Sweden and other EU countries. These are based on an EU directive, the Insurance Distribution Directive, IDD, which came into force on 1 July 2018.
The Directive is incorporated into Swedish law through a the law on insurance distribution, which came into force in 2018. The new law replaced the Swedish Insurance Mediation Act.
The aim of the law is to strengthen customer protection by refining and extending the regulations for pursuing insurance distribution. The goal is for customer protection to be equally strong for all types of financial advisory services.
The customer in focus
The customer benefits from increased protection through regulations for greater transparency and clearer information on insurance products.
Purpose of the regulations:
- It should be easy for you to decide whether or not an insurance policy is suitable and fit your needs.
- You are given more detailed information on costs and associated charges for the product that you are buying.