Council of the European Union and European Parliament 9 December 2002, Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation

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Directive 2002/92/EC of the European Parliament and of the Council establishes a harmonised framework governing the taking-up and pursuit of insurance and reinsurance mediation activities by natural and legal persons established in a Member State, replacing Directive 77/92/EEC. Key provisions require intermediaries to register with competent authorities in their home Member State upon satisfying professional requirements relating to knowledge, good repute, professional indemnity insurance (minimum EUR 1,000,000 per claim and EUR 1,500,000 per year in aggregate), and financial capacity, with registration enabling cross-border activity under freedom of establishment and freedom to provide services. The Directive further imposes pre-contractual information disclosure obligations on intermediaries toward customers, mandates appropriate sanctions for non-compliance, and requires Member States to transpose its provisions into national law by 15 January 2005.AI