Implementation of Insurance Distribution Directive in RENOMIA

The new EU regulation on Insurance and Reinsurance Distribution (Act No. 170/2018 Coll.) entered into force on 1st December 2018. This new Act aims to improve the quality of Czech insurance services and to ensure more effective protection of consumers.

Thanks to our colleagues across RENOMIA GROUP who were looking for the best possible way to apply new rules in practice we were ready to adopt the new directive.

What does the law change?

  • New categorization of insurance intermediaries
  • Extends the information obligation and emphasizes archiving and recording of communication with the clients
  • Requires the adoption of completely new directives
  • Changes many other procedures to clients.