Following the trilogue between the European Parliament and the Council, an agreement was reached on the revision of the rules concerning Directive 2002/65/EC on Distance Marketing of Consumer Financial Services, including insurance contracts concluded at a distance. The new rules emerging will apply to the insurance distribution sector to a limited extent, where the IDD, MiFID II, PEPP, Solvency II and other EU legislation applicable to the insurance sector do not contain rules similar to those now revised.
The agreement between the two bodies clarifies the application of Directive 2002/65/EC for financial services not covered by other legislation. It strengthens information disclosure rules, updates pre-contractual obligations, allows stricter national rules for consumer protection, simplifies the right of withdrawal with an easy-to-find "withdrawal function," and ensures consumer awareness and ease of contract withdrawal. It also addresses dark pattern marketing techniques, limits their use on consumer choice, and grants consumers the right to request human intervention when using online tools. Additionally, the agreement includes provisions from the Capital Requirements Directive for distance financial services contracts, including measures against inertia selling (sending unsolicited goods/services to potential customers).
