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Juan Ramon PLA: Although it's not perfect, the Insurance Distribution Directive is a balanced one

The Insurance Distribution Directive (IDD) is, as we speak, maybe one of the most sensitive subjects, so the insurance brokers, and not only them, are certain that the IDD implementation will have both positive and negative aspects, stated Juan Ramon PLA - Managing Director, Corporacion de Mediadores de Seguros, Spain Secretary General BIPAR, Member of IRSG EIOPA -, stated, during the Brokers' Conference, at FIAR 2017.

He added that IDD is a balanced directive, but needs anticipated preparing. "Although it's not perfect, IDD it's a balanced law and we think that the national authorities will keep each country's specific, but should not break IDD limits, especially when it comes to sensitive subjects", stated Juan Ramon PLA.

"I don't think that small or medium brokers could survive on their own, on the long term. This is already happening in some countries. In Spain, for example, there are 5.000 brokers, but only 500 of them are really significant. Things are changing in each country, at a different speed. We need to be prepared for IDD implementation, which, best case scenario, will be approved in the beginning of the next year", added Juan Ramon PLA.

Author: Cristian SUCA on 23.05.2017

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