Dombrovskis applauds Alfred Sant’s efforts to postpone insurance directive

European Commission Vice President Valdis Dombrovskis expressed his appreciation to Maltese MEP Alfred Sant for his engagement in the postponement of the Insurance Distribution Directive. The Maltese MEP had asked the European Commission to reconsider the application of a one-year delay for the implementation of the Insurance Distribution Directive as requested by the Maltese industry.
The Maltese insurance industry had specifically asked the Maltese MEP to raise their concerns with the EC regarding the lack of time given to the insurance industry for the implementation of the Insurance Directive and postpone the 23 February 2018 deadline to a later date. The Commission accepted Dr Sant’s proposal and postponed the Insurance Directive until 1 October 2018.
“In a country like Malta, where I come from, most of the insurance intermediaries are small or micro entities. For them, the changes prospected will give rise to considerable burdens. The Insurance Distribution Directive will bring widespread changes to the sector of mainly small and medium operators. Its implementation timeline is simply not realistic.” the Maltese MEP had alerted the European Commission.
“Your observations as well as numerous contacts with stakeholders made me aware of the fact that parts of the insurance industry had – in spite of the readily available information – not yet made sufficient preparations for the application of the new legal framework. This is particularly true for small insurance companies and insurance distributors which do not have the necessary organisational resources.” Valdis Dombrovskis told Dr Sant in a letter dated 14 March 2018.
Mr Dombrovskis told the Maltese MEP that he is well aware that an appropriate preparation and implementation by insurance distributors is key for the attainment of the consumer protection goals pursued by the Directive.

Maltese Version – DOMBROVSKIS IFAĦĦAR L-ISFORZI TA’ ALFRED SANT BIEX TKUN POSPOSTA D-DIRETTIVA TAL-ASSIGURAZZJONI

Il-Viċi-President tal-Kummissjoni Ewropea Valdis Dombrovskis esprima l-apprezzament tiegħu għall-ħidma li wettaq Alfred Sant biex tkun posposta d-Direttiva tad-Distribuzzjoni tal-Assigurazzjoni. L-Ewroparlamentari Malti kien talab lil Kummissjoni Ewropea biex tipposponi b’sena l-implimentazzjoni tad-Direttiva tad-Distribuzzjoni tal-Assigurazzjoni, wara li l-Industrija Maltija tal-Assigurazzjonijiet talbitu jintervjeni f’isimha mal-Kummissjoni Ewropea.
L-Industrija tal-Assigurazzjoni Maltija kienet talbet lil Dr Sant iwassal it-tħassib tagħha lill-Kummissjoni Ewropea minħabba ż-żmien limitat li l-industrija tal-assigruazzjoni kellha biex timplimenta d-Direttiva tal-Assigurazzjoni sad-data ta’ skadenza tat-23 ta’ Frar 2018. Il-Kummissjoni aċċettat il-proposta ta’ Dr Sant u pposponiet l-implimentazzjoni tad-Direttiva tal-Assigurazzjoni għall-1 ta’ Ottubru 2018.
“F’pajjiż bħal Malta, il-post fejn twelidt jien, ħafna mill-intermedjarji tal-assigurazzjoni huma entitajiet żgħar ħafna. Għalihom, il-bidliet prospettati jagħtu lok għal piżijiet konsiderevoli. Id-Direttiva tad-Distribuzzjoni tal-Assigurazzjoni se ġġib bidliet wisgħin għas-settur magħmul primarjament minn operaturi żgħar u medji. Iż-żmien li ngħata għat-twettiq ta’ dawn il-bidliet sempliċiment mhux realistiku.” L-MPE Malti kien avża lill-Kummissjoni Ewropea.
“L-osservazzjonijiet tiegħek kif ukoll il-kuntatti numerużi li kelli man-nies fis-settur għamluni konxju tal-fatt li sezzjonijiet mill-industrija tal-assigurazzjoni – minkejja l-informazzjoni disponibbli li kellhom – ma kinux ippreparati biżżejjed għall-applikazzjoni tal-qafas legali ġdid. Dan jgħodd l-aktar fil-konfront tal-kumpaniji ż-żgħar tal-assigurazzjoni u d-distributuri tal-assigurazzjoni li ma għandhomx biżżejjed riżorsi organizzattivi.” Valdis Dombrovskis qal lil Dr Sant f’ittra datata 14 ta’ Marzu 2018.
Dombrovskis qal lil Ewroparlamentari Malti li hu konxju li preparazzjoni u implimentazzjoni xierqa mid-distributuri tal-assigurazzjoni hija essenzjali għall-ħarsien tal-konsumatur mixtieqa mid-Direttiva.

Click lick to view the letter sent by Mr Dombrovskis to the Maltese MEP dated 15 March 2018