Content and scope of the duties during production and introduction of the insurance products on the market, according the EU Directive on insurance distribution

Insurance distribution Directive of 2016 represents a piece of the EU legislation adopted with the aim to ensure equal conditions for all participants dealing with the sale of the insurance products and to strengthen policyholder protection. The most important novelty and one of the “most revolutionary” aspects in the insurance product distribution on the EU territory is an insurance company’s and insurance intermediary’s duty to perform supervision over the product production process and manage with the introduction of the product on the market. The content and scope of the manufacturers’ duty during production and the introduction of the insurance product on the market and insurance distributor’s duty are analyzed in this paper, as well as the how certain Member States have transposed the rules of the mentioned Directive into their national legal systems. This is because, some Member States have adopted rules on partial transposition, whereas only a few have complete transposition.