Assistance with regulation
From the 1st October 2018 all managing agents will be affected by the increased requirements under the Insurance Distribution Directive (IDD). Effectively any firm of managing agents involved in the distribution of insurance will need to be regulated.
Under the new rules, a regulated firm will need to ensure a minimum level of ability by members of its staff involved in the distribution of insurance. Given the new definition of distribution, this has to include property managers if they are involved in insurance. The IDD defines this level of competence to include knowledge of: the terms and conditions of policies offered; applicable laws governing the distribution of insurance, claims handling, complaints handling and assessing customer needs, the insurance market, business ethics standards and financial competence.
In addition, all employees involved in distributing insurance need to demonstrate a minimum of 15 hours of Continuing Professional Development (CPD) in insurance in each 12 month period.
Because regulation is enforced by legislation this means that any person or firm acting without regulation or exemption is effectively committing a crime. This is something all property managers should be both aware of and ensure they understand.
We can assist in managing agents’ regulatory requirements and training needs in order for them to comply with the updated rules.
Contact us now for a review of your own firm’s regulatory status.