EIOPA publishes annual report on sanctions under the Insurance Distribution Directive in 2020

The European Insurance and Occupational Pensions Authority (EIOPA) published today its second annual report on administrative sanctions and other measures imposed during 2020 by national competent authorities under the Insurance Distribution Directive (IDD).

In 2020, national competent authorities imposed 1,942 sanctions in seventeen Member States, with the vast majority of sanctions for breaches of the requirements in Article 10 of IDD.

Article 10 of IDD covers both basic formalities for accessing and maintaining access to the profession, and ongoing requirements such as continuous professional development.

This report is based on Article 36(2), Insurance Distribution Directive. This states that national competent authorities shall provide EIOPA annually with aggregated information regarding all administrative sanctions and other measures imposed and EIOPA shall publish that information in an annual report.