The European Insurance and Occupational Pensions Authority (EIOPA) published today its third annual report on administrative sanctions and other measures imposed during 2021 by national competent authorities (NCAs) under the Insurance Distribution Directive (IDD).
National competent authorities in altogether 18 Member States imposed 1,621 sanctions in total, representing a slight overall decrease compared to previous years. As in earlier reporting periods, the vast majority (over 70%) of sanctions in 2021 were for breaches of the professional and organisational requirements in Article 10 of IDD.
It should be noted that the use of sanctions is just one element of the toolbox available to NCAs. Conclusions regarding the effectiveness of the supervision of the IDD therefore should not be drawn based solely on the number of sanctions imposed in each Member State.
This report is based on Article 36(2) of IDD. The article states that national competent authorities shall provide EIOPA annually with aggregated information regarding all administrative sanctions and other measures imposed and that EIOPA shall publish the information in an annual report.
Article 10 of IDD covers basic formalities for accessing and maintaining access to the profession as well as ongoing requirements, such as professional indemnity insurance cover and continuous professional development.
- 20 December 2022