EIOPA Report on Industry Training Standards Emphasises Diversity of National Knowledge and Ability Requirements
OCTOBER 09, 2012
- Knowledge and ability requirements are generally a combination of academic and professional experience. In many Members States, the requirements for knowledge and ability are more stringent for insurance brokers than insurance agents.
- Requirement to update knowledge and ability requirements through continuous professional development (CPD) courses and responsibility for assessing knowledge and ability at national level, varies considerably.
- Very little experience amongst national competent authorities with receiving applications for mutual recognition of knowledge and ability requirements.
- Basic sanctions for failure to possess adequate knowledge and ability are refusal to register intermediaries or withdrawal of their licence/authorisation.
- The Report falls within EIOPA’s remit regarding consumer protection and will be used as a starting point for further work envisaged for EIOPA under the proposed revision of the Insurance Mediation Directive.
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