Question ID: 1607 - EU legislation applicable to travel agents
Regulation Reference: (EU) No 2016/97 - Insurance Distribution Directive
Topic: Registration (Art. 3 IDD)
Article: 3
Status: Final
Date of submission: 20 Aug 2021
Question
I would like to know what regulatory laws apply for the EU to travel agents, who sell travel insurance and health insurance. I understood that they should not be registered as insurance agents, but I would be happy if you could tell me what are the other requirements for travel agents in terms of regulation, certification, training, tests and etc, they need for sell travel insurance.
Background of the question
https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1470239425145&uri=CELEX:02002L0092-20160223
https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX%3A32016L0097
https://ec.europa.eu/info/business-economy-euro/banking-and-finance/insurance-and-pensions/insurance-distribution_en#current-rules-on-insurance-distribution
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32015L2302
EIOPA answer
From a general point of view, I would like to point out that the mediation of insurance contracts is currently governed by the Insurance Mediation Directive (Directive 2002/92/EC) and in the future by the Insurance Distribution Directive (Directive EU 2016/97) which will replace the former from 1 October 2018. The Insurance Mediation Directive as well as the Insurance Distribution Directive include a range of different regulatory requirements applicable for insurance intermediaries, which have to be fulfilled by travel agents selling travel insurance contracts as well under specific conditions. The requirements laid down in the IDD are complemented by national rules which may introduce a stricter standard with regard to the registration and professional requirements of insurance intermediaries, depending on the national specificities. Beside from the regulatory requirements applicable to insurance intermediaries, there might be other provisions of other areas of the law (e.g. unfair competition law) which insurance intermediaries have to adhere to. As EIOPA is not in a position to give you a comprehensive answer to your question, we would kindly like to invite you to seek professional legal advice for your further questions.