Should the MIFID II be Aspiration or a Mere Inspiration for the EU Regulation of Insurance Distribution?

Abstract

The paper examines the increasing influence of capital markets on the insurance legislation within the field of financial services and their distribution. Acknowledging the trend, the author poses herself a question whether the MiFID II regulation should serve as a mere inspiration for the regulation of insurance distribution or whether it should be the actual aspiration and thus a goal to achieve. It is not easy to derive simple conclusion, for which the author needs to first cover the primal goal of insurance and briefly delve into the development of insurance distribution in the European Union. The aim of the paper is not to provide a complex research and comprehensive understanding of all insurance and capital market peculiarities but more to peak into the growing idea in Brussels on a simple cross transferability of regulatory aspects among different branches within one field. The trend to be so visible in many other areas and industries as well.

Keywords: insurance distribution, regulation of insurance, IMD, IDD, MiFID