The Financialisation of Insurance Distribution

This article deals with the impact of the MiFID system on the regulation of insurance distribution in a financialisation process, using Spanish IDD transposition Act as reference. MiFID II and its different levels have established a system of financial regulation that acts as a model for the entire financial sector, including insurance distribution. It regulates the business of manufacturing financial instruments and subsequently offering them to investors. Product governance rules act as a preventive filter to ensure that products and services offered in the market serve investors' interests. It is a market filter, which is completed with the customer’s evaluation on the provision of distribution services. In this way, a reciprocal and interconnected system is created that covers the product's entire life cycle. The IDD extends this MiFID system to the production and distribution of insurance