Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation
Date: 2002-12-09
Institutions: Council of the European Union, European Parliament
Subjects: access to a profession, consumer information, freedom to provide services, insurance, right of establishment

15.1.2003

EN

Official Journal of the European Communities

L 9/3

DIRECTIVE 2002/92/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 9 December 2002

on insurance mediation

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
EUROPEAN UNION,

Having regard to the Treaty establishing the European Commu-
nity, and in particular Article 47(2) and Article 55 thereof,

Having regard to the proposal from the Commission (1),

Having regard to the opinion of the Economic and Social
Committee (2),

Acting in accordance with the procedure laid down in Article
251 of the Treaty (3),

Whereas:

(1)

(2)

(3)

(4)

(5)

(6)

Insurance and reinsurance intermediaries play a central
role in the distribution of
insurance and reinsurance
products in the Community.

A first step to facilitate the exercise of freedom of estab-
lishment and freedom to provide services for insurance
agents and brokers was made by Council Directive 77/
92/EEC of 13 December 1976 on measures to facilitate
the effective exercise of freedom of establishment and
freedom to provide services in respect of the activities of
insurance agents and brokers (ex ISIC Group 630) and,
in particular, transitional measures in respect of those
activities (4).

Directive 77/92/EEC was to remain applicable until the
entry into force of provisions coordinating national rules
concerning the taking-up and pursuit of the activities of
insurance agents and brokers.

92/48/EEC

Commission Recommendation
18
December 1991 on insurance intermediaries (5) was
largely followed by Member States and helped to bring
closer together national provisions on the professional
requirements and registration of
insurance intermedi-
aries.

of

However, there are still substantial differences between
national provisions which create barriers to the taking-
up and pursuit of the activities of insurance and reinsur-
ance intermediaries in the internal market. It is therefore
appropriate to replace Directive 77/92/EEC with a new
directive.

Insurance and reinsurance intermediaries should be able
to avail themselves of the freedom of establishment and
the freedom to provide services which are enshrined in
the Treaty.

(1) OJ C 29 E, 30.1.2001, p. 245.
(2) OJ C 221, 7.8.2001, p. 121.
(3) Opinion of the European Parliament of 14 November 2001 (OJ C
140 E, 13.6.2002, p. 167), Council Common Position of 18 March
2002 (OJ C 145 E, 18.6.2002, p. 1) and Decision of the European
Parliament of 13 June 2002 (not yet published in the Official
Journal). Council Decision of 28 June 2002.

(4) OJ L 26, 31.1.1977, p. 14. Directive as last amended by the Act of

Accession of 1994.

(5) OJ L 19, 28.1.1992, p. 32.

(7)

(8)

(9)

(10)

(11)

(12)

The inability of
insurance intermediaries to operate
freely throughout the Community hinders the proper
functioning of the single market in insurance.

The coordination of national provisions on professional
requirements and registration of persons taking up and
pursuing the activity of insurance mediation can there-
fore contribute both to the completion of the single
market for financial services and to the enhancement of
customer protection in this field.

Various types of persons or institutions, such as agents,
brokers and ‘bancassurance’ operators, can distribute
insurance products. Equality of
treatment between
operators and customer protection requires that all these
persons or institutions be covered by this Directive.

This Directive contains a definition of ‘tied insurance
intermediary’ which takes into account the characteris-
tics of certain Member States' markets and whose
purpose is to establish the conditions for registration
applicable to such intermediaries. This definition is not
intended to preclude Member States from having similar
concepts in respect of
insurance intermediaries who,
while acting for and on behalf of an insurance under-
taking and under the full responsibility of that under-
taking, are entitled to collect premiums or amounts
intended for the customer in accordance with the finan-
cial guarantees laid down by this Directive.

This Directive should apply to persons whose activity
consists in providing insurance mediation services to
third parties for remuneration, which may be pecuniary
or take some other form of agreed economic benefit tied
to performance.

This Directive should not apply to persons with another
professional activity, such as tax experts or accountants,
who provide advice on insurance cover on an incidental
basis in the course of that other professional activity,
neither should it apply to the mere provision of informa-
tion of a general nature on insurance products, provided
that
the purpose of that activity is not to help the
customer conclude or fulfil an insurance or reinsurance
contract, nor the professional management of claims for
an insurance or reinsurance undertaking, nor the loss
adjusting and expert appraisal of claims.

EN

Official Journal of the European Communities

15.1.2003

L 9/4

(13)

(14)

This Directive should not apply to persons practising
insurance mediation as an ancillary activity under certain
strict conditions.

should be
Insurance and reinsurance intermediaries
registered with the competent authority of the Member
State where they have their residence or their head
office, provided that
strict professional
requirements in relation to their competence, good
repute, professional indemnity cover and financial capa-
city.

they meet

(15)

Such registration should allow insurance and reinsurance
intermediaries to operate in other Member States in
accordance with the principles of freedom of establish-
ment and freedom to provide services, provided that an
appropriate notification procedure has been followed
between the competent authorities.

(16) Appropriate sanctions are needed against persons exer-
cising the activity of insurance or reinsurance mediation
without being registered, against insurance or reinsur-
ance undertakings using the services of unregistered
intermediaries and against intermediaries not complying
with national provisions adopted pursuant to this Direc-
tive.

(21)

(22)

There is less of a need to require that such information
be disclosed when the customer is a company seeking
reinsurance or
for commercial and
industrial risks.

insurance cover

There is a need for suitable and effective complaint and
redress procedures in the Member States in order to
settle disputes between insurance intermediaries and
customers, using, where appropriate, existing proce-
dures.

(23) Without prejudice to the right of customers to bring
their action before the courts, Member States should
encourage public or private bodies established with a
view to settling disputes out-of-court, to cooperate in
resolving cross-border disputes. Such cooperation could
for example be aimed at enabling customers to contact
extra-judicial bodies established in their Member State of
residence about complaints concerning insurance inter-
mediaries established in other Member States. The
setting up of the FIN-NET network provides increased
assistance to consumers when they use cross-border
services. The provisions on procedures should take into
account Commission Recommendation 98/257/EC of 30
March 1998 on the principles applicable to the bodies
responsible for out-of-court
settlement of consumer
disputes (2).

(24) Directive 77/92/EEC should accordingly be repealed,

(17)

(18)

(19)

Cooperation and exchange of
information between
competent authorities are essential in order to protect
customers and ensure the soundness of insurance and
reinsurance business in the single market.

HAVE ADOPTED THIS DIRECTIVE:

It is essential for the customer to know whether he is
dealing with an intermediary who is advising him on
products from a broad range of insurance undertakings
or on products provided by a specific number of insur-
ance undertakings.

This Directive should specify the obligations which
insurance intermediaries should have in providing infor-
mation to customers. A Member State may in this area
maintain or adopt more stringent provisions which may
be imposed on insurance intermediaries independently
of
their place of residence where they are pursuing
mediation activities on its territory provided that any
such more stringent provisions comply with Community
law,
including Directive 2000/31/EC of the European
Parliament and of the Council of 8 June 2000 on certain
legal aspects of information society services, in particular
electronic commerce,
in the Internal Market (Directive
on electronic commerce) (1).

CHAPTER I

SCOPE AND DEFINITIONS

Article 1

Scope

1.
This Directive lays down rules for the taking-up and
pursuit of the activities of insurance and reinsurance mediation
by natural and legal persons which are established in a Member
State or which wish to become established there.

2.
This Directive shall not apply to persons providing
mediation services for insurance contracts if all the following
conditions are met:

(a) the insurance contract only requires knowledge of

the

insurance cover that is provided;

(20)

If the intermediary declares that he is giving advice on
products from a broad range of insurance undertakings,
he should carry out a fair and sufficiently wide-ranging
analysis of the products available on the market. In addi-
tion, all intermediaries should explain the reasons under-
pinning their advice.

(b) the insurance contract is not a life assurance contract;

(c) the insurance contract does not cover any liability risks;

(d) the principal professional activity of the person is other

than insurance mediation;

(1) OJ L 178, 17.7.2000, p. 1.

(2) OJ L 115, 17.4.1998, p. 31.

15.1.2003

EN

Official Journal of the European Communities

L 9/5

(e) the insurance is complementary to the product or service
supplied by any provider, where such insurance covers:

(i) the risk of breakdown,

loss of or damage to goods

supplied by that provider, or

(ii) damage to or loss of baggage and other risks linked to
the travel booked with that provider, even if the insur-
ance covers life assurance or liability risks, provided
that the cover is ancillary to the main cover for the
risks linked to that travel;

(f) the amount of

the annual premium does not exceed
EUR 500 and the total duration of the insurance contract,
including any renewals, does not exceed five years.

3.
This Directive shall not apply to insurance and reinsur-
ance mediation services provided in relation to risks and
commitments located outside the Community.

This Directive shall not affect a Member State's law in respect
of insurance mediation business pursued by insurance and rein-
surance intermediaries established in a third country and oper-
ating on its territory under the principle of freedom to provide
services, provided that equal treatment is guaranteed to all
persons carrying out or authorised to carry out
insurance
mediation activities on that market.

laws,

This Directive shall not regulate insurance mediation activities
in third countries nor activities of Community
carried out
insurance or
reinsurance undertakings, as defined in First
Council Directive 73/239/EEC of 24 July 1973 on the coordi-
regulations and administrative provisions
nation of
relating to the taking-up and pursuit of the business of direct
insurance other than life assurance (1) and First Council Direc-
tive 79/267/EEC of 5 March 1979 on the coordination of laws,
regulations and administrative provisions relating to the taking-
life assurance (2),
up and pursuit of
carried out through insurance intermediaries in third countries.

the business of direct

Article 2

Definitions

For the purpose of this Directive:

1.

2.

‘insurance undertaking’ means an undertaking which has
received official authorisation in accordance with Article 6
of Directive 73/239/EEC or Article 6 of Directive 79/267/
EEC;

‘reinsurance undertaking’ means an undertaking, other
than an insurance undertaking or a non-member-country
insurance undertaking, the main business of which consists
in accepting risks ceded by an insurance undertaking, a
non-member-country insurance undertaking or other rein-
surance undertakings;

(1) OJ L 228, 16.8.1973, p. 3. Directive as last amended by Directive
2002/13/EC of the European Parliament and of the Council (OJ L
77, 20.3.2002, p. 17).

(2) OJ L 63, 13.3.1979, p. 1. Directive as last amended by Directive
2002/12/EC of the European Parliament and of the Council (OJ L
77, 20.3.2002, p. 11).

3.

‘insurance mediation’ means the activities of introducing,
proposing or carrying out other work preparatory to the
conclusion of contracts of insurance, or of concluding such
contracts, or of assisting in the administration and perfor-
mance of such contracts, in particular in the event of a
claim.

These activities when undertaken by an insurance under-
taking or an employee of an insurance undertaking who is
acting under the responsibility of the insurance under-
taking shall not be considered as insurance mediation.

The provision of information on an incidental basis in the
context of another professional activity provided that the
purpose of that activity is not to assist the customer in
concluding or performing an insurance contract,
the
management of claims of an insurance undertaking on a
professional basis, and loss adjusting and expert appraisal
of claims shall also not be considered as insurance media-
tion;

4.

‘reinsurance mediation’ means the activities of introducing,
proposing or carrying out other work preparatory to the
conclusion of contracts of reinsurance, or of concluding
such contracts, or of assisting in the administration and
performance of such contracts, in particular in the event of
a claim.

These activities when undertaken by a reinsurance under-
taking or an employee of a reinsurance undertaking who is
acting under the responsibility of the reinsurance under-
taking are not considered as reinsurance mediation.

The provision of information on an incidental basis in the
context of another professional activity provided that the
purpose of that activity is not to assist the customer in
the
concluding or performing a reinsurance contract,
management of claims of a reinsurance undertaking on a
professional basis, and loss adjusting and expert appraisal
of claims shall also not be considered as reinsurance
mediation;

5.

‘insurance intermediary’ means any natural or legal person
who,
takes up or pursues insurance
mediation;

for remuneration,

6.

‘reinsurance intermediary’ means any natural or
legal
person who, for remuneration, takes up or pursues rein-
surance mediation;

7.

‘tied insurance intermediary’ means any person who carries
on the activity of insurance mediation for and on behalf of
one or more insurance undertakings in the case of insur-
ance products which are not in competition but does not
collect premiums or amounts intended for the customer
and who acts under the full responsibility of those insur-
ance undertakings for the products which concern them
respectively.

L 9/6

EN

Official Journal of the European Communities

15.1.2003

insurance
Any person who carries on the activity of
mediation in addition to his principal professional activity
is also considered as a tied insurance intermediary acting
under the responsibility of one or several insurance under-
takings for the products which concern them respectively
if the insurance is complementary to the goods or services
supplied in the framework of this principal professional
activity and the person does not collect premiums or
amounts intended for the customer;

8.

‘large risks’ shall be as defined by Article 5(d) of Directive
73/239/EEC;

9.

‘home Member State’ means:

(a) where the intermediary is a natural person,

the
Member State in which his residence is situated and in
which he carries on business;

(b) where the intermediary is a legal person, the Member
if
State in which its registered office is situated or,
under its national law it has no registered office, the
Member State in which its head office is situated;

10.

‘host Member State’ means the Member State in which an
insurance or reinsurance intermediary has a branch or
provides services;

11.

‘competent authorities’ means the authorities which each
Member State designates under Article 7;

12.

‘durable medium’ means any instrument which enables the
customer to store information addressed personally to him
in a way accessible for future reference for a period of time
adequate to the purposes of the information and which
allows the unchanged reproduction of
the information
stored.

In particular, durable medium covers floppy disks, CD-
ROMs, DVDs and hard drives of personal computers on
which electronic mail
is stored, but it excludes Internet
sites, unless such sites meet the criteria specified in the first
paragraph.

CHAPTER II

REGISTRATION REQUIREMENTS

Article 3

Registration

1.
Insurance and reinsurance intermediaries shall be regis-
tered with a competent authority as defined in Article 7(2), in
their home Member State.

Without prejudice to the first subparagraph, Member States
may stipulate that insurance and reinsurance undertakings and
other bodies may collaborate with the competent authorities in
registering insurance and reinsurance intermediaries and in the
application of the requirements of Article 4 to such intermedi-
aries. In particular, in the case of tied insurance intermediaries,

they may be registered by an insurance undertaking or by an
association of insurance undertakings under the supervision of
a competent authority.

Member States need not apply the requirement referred to in
the first and second subparagraphs to all the natural persons
who work in an undertaking and pursue the activity of insur-
ance or reinsurance mediation.

As regards legal persons, Member States shall register such
persons and shall also specify in the register the names of the
natural persons within the management who are responsible
for the mediation business.

2. Member States may establish more than one register for
insurance and reinsurance intermediaries provided that they lay
down the criteria according to which intermediaries are to be
registered.

Member States shall see to it that a single information point is
established allowing quick and easy access to information from
these various registers, which shall be compiled electronically
and kept constantly updated. This information point shall also
provide the identification details of the competent authorities
of each Member State referred to in paragraph 1, first subpara-
graph. The register shall indicate further the country or coun-
tries in which the intermediary conducts business under the
rules on the freedom of establishment or on the freedom to
provide services.

3. Member States shall ensure that registration of insurance
intermediaries — including tied ones — and reinsurance inter-
mediaries is made subject to the fulfilment of the professional
requirements laid down in Article 4.

Member States shall also ensure that insurance intermediaries
— including tied ones — and reinsurance intermediaries who
cease to fulfil these requirements are removed from the register.
The validity of the registration shall be subject to a regular
review by the competent authority.
If necessary, the home
Member State shall
inform the host Member State of such
removal, by any appropriate means.

4.
The competent authorities may provide the insurance and
reinsurance intermediaries with a document enabling any inter-
ested party by consultation of the register(s) referred to in para-
graph 2 to verify that they are duly registered.

That document shall at least provide the information specified
in Article 12(1)(a) and (b), and, in the case of a legal person,
the name(s) of the natural person(s) referred to in the fourth
subparagraph of paragraph 1 of this Article.

The Member State shall require the return of the document to
the competent authority which issued it when the insurance or
reinsurance intermediary concerned ceases to be registered.

5.
Registered insurance and reinsurance intermediaries shall
be allowed to take up and pursue the activity of insurance and
reinsurance mediation in the Community by means of both
freedom of establishment and freedom to provide services.

15.1.2003

EN

Official Journal of the European Communities

L 9/7

6. Member States shall ensure that insurance undertakings
use the insurance and reinsurance mediation services only of
registered insurance and reinsurance intermediaries and of the
persons referred to in Article 1(2).

Article 4

Professional requirements

1.
Insurance and reinsurance intermediaries shall possess
appropriate knowledge and ability, as determined by the home
Member State of the intermediary.

Home Member States may adjust the required conditions with
regard to knowledge and ability in line with the activity of
insurance or reinsurance mediation and the products distrib-
uted, particularly if the principal professional activity of the
intermediary is other than insurance mediation. In such cases,
that intermediary may pursue an activity of insurance media-
tion only if an insurance intermediary fulfilling the conditions
of this Article or an insurance undertaking assumes full respon-
sibility for his actions.

Member States may provide that for the cases referred to in the
second subparagraph of Article 3(1), the insurance undertaking
shall verify that the knowledge and ability of the intermediaries
are in conformity with the obligations set out in the first
subparagraph of this paragraph and, if need be, shall provide
such intermediaries with training which corresponds to the
requirements concerning the products sold by the intermedi-
aries.

Member States need not apply the requirement referred to in
the first subparagraph of this paragraph to all the natural
persons working in an undertaking who pursue the activity of
insurance or reinsurance mediation. Member States shall ensure
that a reasonable proportion of the persons within the manage-
ment structure of such undertakings who are responsible for
insurance products and all other
mediation in respect of
persons directly involved in insurance or reinsurance mediation
demonstrate the knowledge and ability necessary for the perfor-
mance of their duties.

2.
Insurance and reinsurance intermediaries shall be of good
repute. As a minimum, they shall have a clean police record or
any other national equivalent in relation to serious criminal
offences linked to crimes against property or other crimes
related to financial activities and they should not have
previously been declared bankrupt, unless they have been reha-
bilitated in accordance with national law.

Member States may, in accordance with the provisions of the
second subparagraph of Article 3(1), allow the insurance under-
taking to check the good repute of insurance intermediaries.

Member States need not apply the requirement referred to in
the first subparagraph of this paragraph to all the natural
persons who work in an undertaking and who pursue the
activity of insurance and reinsurance mediation. Member States
shall ensure that the management structure of such undertak-
ings and any staff directly involved in insurance or reinsurance
mediation fulfil that requirement.

Insurance

intermediaries

and reinsurance

shall hold
3.
professional indemnity insurance covering the whole territory
of the Community or some other comparable guarantee against
liability arising from professional negligence,
least
EUR 1 000 000 applying to each claim and in aggregate
EUR 1 500 000 per year for all claims, unless such insurance
or comparable guarantee is already provided by an insurance
undertaking, reinsurance undertaking or other undertaking on
whose behalf
the insurance or reinsurance intermediary is
acting or for which the insurance or reinsurance intermediary
is empowered to act or such undertaking has taken on full
responsibility for the intermediary's actions.

for at

4. Member States shall take all necessary measures to protect
customers against the inability of the insurance intermediary to
transfer the premium to the insurance undertaking or to
transfer the amount of claim or return premium to the insured.

Such measures shall take any one or more of the following
forms:

(a) provisions laid down by law or contract whereby monies
paid by the customer to the intermediary are treated as
having been paid to the undertaking, whereas monies paid
by the undertaking to the intermediary are not treated as
having been paid to the customer until the customer actu-
ally receives them;

(b) a requirement for insurance intermediaries to have financial
capacity amounting, on a permanent basis, to 4 % of the
sum of annual premiums received, subject to a minimum
of EUR 15 000;

(c) a requirement that customers' monies shall be transferred
via strictly segregated client accounts and that
these
accounts shall not be used to reimburse other creditors in
the event of bankruptcy;

(d) a requirement that a guarantee fund be set up.

Pursuit of

5.
insurance and reinsurance
mediation shall require that the professional requirements set
out in this Article be fulfilled on permanent basis.

the activities of

6. Member States may reinforce the requirements set out in
this Article or add other requirements for insurance and rein-
surance intermediaries registered within their jurisdiction.

7.
The amounts referred to in paragraphs 3 and 4 shall be
reviewed regularly in order to take account of changes in the
European Index of Consumer Prices as published by Eurostat.
The first review shall take place five years after the entry into
force of this Directive and the successive reviews every five
years after the previous review date.

The amounts shall be adapted automatically by increasing the
base amount in euro by the percentage change in that Index
over the period between the entry into force of this Directive
and the first review date or between the last review date and
the new review date and rounded up to the nearest euro.

L 9/8

EN

Official Journal of the European Communities

15.1.2003

Article 5

Retention of acquired rights

The competent authorities shall possess all the powers
3.
necessary for the performance of their duties. Where there is
more than one competent authority on its territory, a Member
State shall ensure that those authorities collaborate closely so
that they can discharge their respective duties effectively.

Member States may provide that those persons who exercised a
mediation activity before 1 September 2000, who were entered
in a register and who had a level of training and experience
similar to that required by this Directive, shall be automatically
entered in the register to be created, once the requirements set
down in Article 4(3) and (4) are complied with.

Article 8

Sanctions

Article 6

Notification of establishment

and services

in other

Member States

1. Member States shall provide for appropriate sanctions in
the event that a person exercising the activity of insurance or
reinsurance mediation is not registered in a Member State and
is not referred to in Article 1(2).

1.
Any insurance or reinsurance intermediary intending to
carry on business for the first time in one or more Member
States under the freedom to provide services or the freedom of
inform the competent authorities of the
establishment shall
home Member State.

2. Member States shall provide for appropriate sanctions
against insurance or reinsurance undertakings which use the
insurance or reinsurance mediation services of persons who are
not registered in a Member State and who are not referred to
in Article 1(2).

Within a period of one month after such notification, those
competent authorities shall inform the competent authorities of
any host Member States wishing to know, of the intention of
the insurance or reinsurance intermediary and shall at the same
time inform the intermediary concerned.

The insurance or reinsurance intermediary may start business
one month after the date on which he was informed by the
competent authorities of the home Member State of the notifi-
cation referred to in the second subparagraph. However, that
intermediary may start business
the host
Member State does not wish to be informed of the fact.

immediately if

2. Member States shall notify the Commission of their wish
to be informed in accordance with paragraph 1. The Commis-
sion shall in turn notify all the Member States of this.

3.
The competent authorities of the host Member State may
take the necessary steps to ensure appropriate publication of
the conditions under which, in the interest of the general good,
the business concerned must be carried on in their territories.

Article 7

Competent authorities

1. Member States shall designate the competent authorities
empowered to ensure implementation of this Directive. They
shall inform the Commission thereof, indicating any division of
those duties.

2.
The authorities referred to in paragraph 1 shall be either
public authorities or bodies recognised by national law or by
public authorities expressly empowered for that purpose by
national law. They shall not be insurance or reinsurance under-
takings.

3. Member States shall provide for appropriate sanctions in
the event of an insurance or reinsurance intermediary's failure
to comply with national provisions adopted pursuant to this
Directive.

4.
This Directive shall not affect the power of the host
Member States to take appropriate measures to prevent or to
penalise irregularities committed within their territories which
are contrary to legal or regulatory provisions adopted in the
interest of the general good. This shall include the possibility of
preventing offending insurance or reinsurance intermediaries
from initiating any further activities within their territories.

5.
Any measure adopted involving sanctions or restrictions
on the activities of an insurance or reinsurance intermediary
must be properly justified and communicated to the inter-
mediary concerned. Every such measure shall be subject to the
right to apply to the courts in the Member State which adopted
it.

Article 9

Exchange of information between Member States

The competent authorities of the various Member States
1.
shall cooperate in order to ensure the proper application of the
provisions of this Directive.

The competent authorities shall exchange information on
2.
insurance and reinsurance intermediaries if
they have been
subject to a sanction referred to in Article 8(3) or a measure
referred to in Article 8(4) and such information is likely to lead
to removal
from the register of such intermediaries. The
competent authorities may also exchange any relevant informa-
tion at the request of an authority.

15.1.2003

EN

Official Journal of the European Communities

L 9/9

All persons required to receive or divulge information in
3.
connection with this Directive shall be bound by professional
secrecy, in the same manner as is laid down in Article 16 of
Council Directive 92/49/EEC of 18 June 1992 on the coordina-
tion of laws, regulations and administrative provisions relating
to direct insurance other than life assurance and amending
Directives 73/239/EEC and 88/357/EEC (third non-life insur-
ance Directive) (1) and Article 15 of Council Directive 92/96/
EEC of 10 November 1992 on the coordination of laws, regula-
tions and administrative provisions relating to direct life assur-
ance and amending Directives 79/267/EEC and 90/619/EEC
(third life assurance Directive) (2).

Article 10

Complaints

Member States shall ensure that procedures are set up which
especially
allow customers
consumer associations, to register complaints about insurance
and reinsurance intermediaries.
In all cases complaints shall
receive replies.

interested parties,

and other

Article 11

Out-of-court redress

1. Member States shall encourage the setting-up of appro-
priate and effective complaints and redress procedures for the
out-of-court settlement of disputes between insurance interme-
diaries and customers, using existing bodies where appropriate.

2. Member States shall encourage these bodies to cooperate
in the resolution of cross-border disputes.

CHAPTER III

INFORMATION REQUIREMENTS FOR INTERMEDIARIES

Article 12

Information provided by the insurance intermediary

Prior to the conclusion of any initial insurance contract,
1.
and,
if necessary, upon amendment or renewal thereof, an
insurance intermediary shall provide the customer with at least
the following information:

(a) his identity and address;

(b) the register in which he has been included and the means

for verifying that he has been registered;

(c) whether he has a holding, direct or indirect, representing
more than 10 % of the voting rights or of the capital in a
given insurance undertaking;

(d) whether a given insurance undertaking or parent under-
taking of a given insurance undertaking has a holding,
direct or indirect, representing more than 10 % of
the
voting rights or of
in the insurance inter-
the capital
mediary;

(e) the procedures referred to in Article 10 allowing customers
and other interested parties to register complaints about
insurance and reinsurance intermediaries and,
if appro-
priate, about the out-of-court complaint and redress proce-
dures referred to in Article 11.

In addition, an insurance intermediary shall
customer,
whether:

concerning the

contract

that

inform the
is provided,

(i) he gives advice based on the obligation in paragraph 2

to provide a fair analysis, or

(ii) he is under a contractual obligation to conduct insur-
ance mediation business exclusively with one or more
insurance undertakings. In that case, he shall, at the
customer's request provide the names of those insur-
ance undertakings, or

(iii) he is not under a contractual obligation to conduct
insurance mediation business exclusively with one or
more insurance undertakings and does not give advice
based on the obligation in paragraph 2 to provide a
fair analysis. In that case, he shall, at the customer's
request provide the names of the insurance undertak-
ings with which he may and does conduct business.

In those cases where information is to be provided solely at the
customer's request, the customer shall be informed that he has
the right to request such information.

2. When the insurance intermediary informs the customer
that he gives his advice on the basis of a fair analysis, he is
obliged to give that advice on the basis of an analysis of a suffi-
ciently large number of insurance contracts available on the
market, to enable him to make a recommendation, in accor-
dance with professional criteria, regarding which insurance
contract would be adequate to meet the customer's needs.

Prior to the conclusion of any specific contract, the insur-
3.
ance intermediary shall at least specify,
in particular on the
basis of information provided by the customer, the demands
and the needs of that customer as well as the underlying
reasons for any advice given to the customer on a given insur-
ance product. These details shall be modulated according to the
complexity of the insurance contract being proposed.

4.
The information referred to in paragraphs 1, 2 and 3
need not be given when the insurance intermediary mediates in
the insurance of large risks, nor in the case of mediation by
reinsurance intermediaries.

5. Member States may maintain or adopt stricter provisions
regarding the information requirements referred to in para-
graph 1, provided that such provisions comply with Commu-
nity law.

Member States shall communicate to the Commission the
national provisions set out in the first subparagraph.

(1) OJ L 228, 11.8.1992, p. 1. Directive as last amended by Directive
2000/64/EC of the European Parliament and of the Council (OJ L
290, 17.11.2000, p. 27).

(2) OJ L 360, 9.12.1992, p. 1. Directive as last amended by Directive

2000/64/EC of the European Parliament and of the Council.

In order to establish a high level of transparency by all appro-
priate means, the Commission shall ensure that the information
it receives relating to national provisions is also communicated
to consumers and insurance intermediaries.

L 9/10

EN

Official Journal of the European Communities

15.1.2003

Article 13

Information conditions

Article 15

Repeal

All

1.
dance with Article 12 shall be communicated:

information to be provided to customers in accor-

(a) on paper or on any other durable medium available and

accessible to the customer;

(b) in a clear and accurate manner, comprehensible to the

customer;

(c) in an official language of the Member State of the commit-

ment or in any other language agreed by the parties.

2.
By way of derogation from paragraph 1(a), the informa-
tion referred to in Article 12 may be provided orally where the
customer requests it, or where immediate cover is necessary. In
those cases, the information shall be provided to the customer
in accordance with paragraph 1 immediately after the conclu-
sion of the insurance contract.

3.
In the case of telephone selling, the prior information
given to the customer shall be in accordance with Community
rules applicable to the distance marketing of consumer financial
services. Moreover,
information shall be provided to the
customer in accordance with paragraph 1 immediately after the
conclusion of the insurance contract.

CHAPTER IV

FINAL PROVISIONS

Article 14

Right to apply to the courts

Directive 77/92/EEC is hereby repealed with effect from the
date referred to in Article 16(1).

Article 16

Transposition

1. Member States shall bring into force the laws, regulations
and administrative provisions necessary to comply with this
Directive before 15 January 2005. They shall forthwith inform
the Commission thereof.

These measures shall contain a reference to this Directive or
shall be accompanied by such reference on the occasion of
their official publication. The methods of making such refer-
ence shall be laid down by the Member States.

2. Member States shall communicate to the Commission the
text of
the laws, regulations and administrative provisions
which they adopt in the field governed by this Directive. In that
communication they shall provide a table indicating the
national provisions corresponding to this Directive.

Article 17

Entry into force

This Directive shall enter into force on the day of its publica-
tion in the Official Journal of the European Communities.

Article 18

Addressees

This Directive is addressed to the Member States.

Done at Brussels, 9 December 2002.

Member States shall ensure that decisions taken in respect of
an insurance intermediary,
reinsurance intermediary or an
insurance undertaking under the laws, regulations and adminis-
trative provisions adopted in accordance with this Directive
may be subject to the right to apply to the courts.

For the European Parliament

The President

P. COX

For the Council

The President

H. C. SCHMIDT