The Council of the European Union (“EU“) has agreed to delay the transposition deadline of the Insurance Distribution Directive ((EU) 2016/97) (“IDD“) to July 1, 2018, and the application date to October 1, 2018.

On February 14, 2018, the Council of the EU published a press release confirming this. The press release is available here.

The press release explains that the delay will help the insurance industry prepare for the IDD and the changes necessary to comply with implementing rules. Member states will also have more time to transpose the IDD’s provisions.

The press release states that the delay will apply retroactively from February 23, 2018, as the European Parliament and the Council are not expected to adopt the proposed Directive delaying application of the IDD before March 2018.