Council of the European Union 18 March 2002, Common Position (EC) No 34/2002 of 18 March 2002 adopted by the Council, acting in accordance with the procedure referred to in Article 251 of the Treaty establishing the European Community, with a view to adopting a Directive of the European Parliament and of the Council on insurance mediation

Also known as

Common Position (EC) No 34/2002 establishes a harmonised regulatory framework for insurance and reinsurance mediation across the European Community, requiring intermediaries to register with competent authorities in their home Member State upon satisfying minimum professional requirements as to competence, good repute, professional indemnity insurance (at least EUR 1,000,000 per claim and EUR 1,500,000 aggregate annually), and financial capacity. Registered intermediaries are entitled to exercise freedom of establishment and freedom to provide services throughout the Community following a notification procedure, while Member States retain authority to impose stricter national provisions and appropriate sanctions for non-compliance. The Directive further mandates pre-contractual information disclosure obligations toward customers, including disclosure of the intermediary's identity, registration status, financial interests, and the basis of any advice given, and repeals Directive 77/92/EEC upon transposition.AI