Insurance distribution: Council confirms agreement with EP

	The Permanent Representatives Committee (Coreper) on 22 July 2015 approved, on behalf of the Council, an agreement reached with the European Parliament on a directive establishing new rules on insurance distribution.   The text recasts and repeals directive 2002/92/EC on insurance mediation with a threefold objective. It seeks to improve retail insurance regulation in a manner that will facilitate market integration, and to establish the conditions necessary for fair competition between distributors of insurance products. It also sets out to strengthen policyholder protection, in particular with regard to life insurance products with an investment element. Intermediaries play a central role in the distribution of insurance and reinsurance products. Various types of persons and institutions distribute insurance products, such as agents, brokers and insurance undertakings. Application of directive 2002/92/EC has shown a number of provisions to require greater precision.