Carlos Montesinos, CEO of CGPA Europe’s Underwriting Agency for Spain analyses the new obligations and responsibilities arising from the recent implementation of IDD in Spain at a conference organised by the Regional Council of Insurance Mediators’ Associations of Castilla La Mancha.
In this conference, the President of the Association of Toledo, José Enrique García Mérida, announced that he will facilitate the contracting of Professional Indemnity Insurance for its members in order to provide coverage for the risks arising from the profession of insurance intermediary.
The Regional Council of Insurance Mediators of Castilla-La Mancha, chaired by Enrique García Mérida, on the occasion of the implementation f the Insurance Distribution Directive (IDD) through RD Law 3/2020, has carried out a new online training day to address the new elements that directly affect the professional indemnity of insurance intermediaries, i.e. exclusive and tied insurance agents, as well as insurance brokers their employees and/or collaborators.
Although work on the implementation of the Directive has been underway since 2016, it was not until February 2020 that this transposition was approved in R.D.L 3/2020. However, the 122 amendments that have been tabled are currently being dealt with by Parliament and are therefore still pending.
According to García Mérida, “The new scenario that is taking shape is that of new responsibilities arising from the implementation of IDD to protect and defend consumer rights. Insurance brokers must work with insurance companies to issue the insurance product information document (IPID) which contains the most significant features of the product to be distributed. Failure to manage the issuance of this document may lead a judge to hold both the company and the insurance intermediary liable”.
This virtual conference was carried out both to provide training solutions and the necessary tools for the development of insurance intermediairies’s work, and to give members the possibility of taking out Professional Indemnity Insurance from the Autonomous Council of Insurance Intermediaries of Castilla-La Mancha.
The conference was led by Carlos Montesinos, CEO of the CGPA Europe’s Underwriting Agency for Spain, insurance company specialized in Professional Indemnity Insurance for insurance intermediaries, and European leader for this risk.