October 2012

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

During the past month or so, experts in several countries have reviewed the proposal for the European Union’s revised Insurance Mediation Directive.  It will be another eighteen months or so before the text is finalised but the general message is clear and has attracted comment in various markets. Unfortunately for many us, we are not masters of the languages in which these articles are published. Therefore, it was a relief to see that the Chartered Insurance Institute recently pushed a review carried out by the British Insurance Brokers’ Association. The draft text of the IMD forms one aspect of the EU’s aim to improve consumer protection and it is important for the people who draft the law to get thoughtful and constructive feedback from people who are recognised as knowledgeable and can bring their experience to bear on such matters. Steve White, head of compliance and training at BIBA is just that. In the 27 EU countries, as well as others who base their insurance legislation on EU directives, the article by article comment is well worth studying and we are very pleased to be able to publish this with the support of the CII. For our readership, it is interesting to see how planned legislation copes with consumer protection issues. Any comments or questions should be addressed to Michelle Worvell of the CII at michelle.worvell@cii.co.uk

Click here for the article