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Internal Market: Court proceedings to be launched against Iceland on insurance intermediaries

29.5.2013

PR(13)47

The EFTA Surveillance Authority is bringing Iceland to the EFTA Court over the Icelandic rules on insurance mediation. 

The Authority considers that Iceland has failed to set up a system which would allow consumers to register complaints about insurance and reinsurance intermediaries. According to the Directive on insurance mediation, consumers and other interested parties, such as consumer associations, are to have the right to lodge complaints against insurance intermediaries. There is no such right in Iceland at present. 

Moreover, the Directive requires national supervisory authorities to cooperate and exchange information with authorities in other EEA States. Under current Icelandic law the supervisory authorities are not obliged to do so. 

Insurance intermediaries help insurance customers by identifying risks, ensuring that they take informed decisions, reducing customers' search costs, providing personalised advice and so forth. Insurance intermediaries also help insurers by facilitating entry into the market and assisting with claims-related services and policy administration. 

Iceland has admitted the identified shortcomings, but has not yet adopted the legislation necessary to remedy the situation. 

As Iceland failed to take satisfactory measures after receiving the Authority's reasoned opinion in this case, the matter will now be brought before the EFTA Court. 

For further information, please contact: 

Mr. Xavier Lewis
Director, Department of Legal and Executive Affairs
Tel: (+32)(0)2 286 18 30 

or 

Mr. Jonas Pålshammar
Officer, Department of Internal Market Affairs
Tel: (+32)(0)2 286 18 34




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