Directive on insurance distribution
Directive (EU) 2016/97 on insurance distribution (Insurance Distribution Directive – IDD) was to be applied in the European Union by 1 October 2018 at the latest. The IDD affects all aspects of the insurance business, from recruiting insurance distributors including training and advanced training, to product development, the advisory process including wide-ranging duties to provide information and the distribution of standardised information sheets, all the way to handling conflicts of interest and remuneration. All of the distribution channels used by Vienna Insurance Group and its Group companies, such as salaried field employees, cooperation with insurance intermediaries (brokers and agents) and intermediaries performing distribution as a secondary activity, such as car dealers, are affected. Vienna Insurance Group conducted a Group-wide workshop in 2017 to assist Group companies in the EU that are affected. Due to high demand, another workshop was held in 2018. Furthermore, in addition to regular updates for the available legal bases, Group companies were also provided information and explanatory materials prepared for specific topics in order to create a shared understanding of the interpretation of European legal requirements, which is frequently kept to a very general level. Many questions from individual Group companies concerning local distribution solutions were also answered. As a result synergies were achieved, while simultaneously respecting local, independent implementation by the Group companies.
General Data Protection Regulation
Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data (General Data Protection Regulation – GDPR) entered into force on 25 May 2018 and repeals Directive 95/46/EC. VIG has implemented all of the measures needed to comply with the new requirements.