The European Parliament has backed legislation to allow insurance brokers to offer their services to the entire 15-nation European Union, reports said.
Insurance companies have been able to sell insurance across the EU since 1984, but this now lets brokers sell across borders. Now that it’s approved by the EU, the bill still must be passed by national governments.
The law will allow a broker that registers in one member state to automatically market insurance to all the rest.
The bill is part of the EU’s plan to integrate financial services by 2005, according to Reuters. In May, the European Parliament approved new rules on selling financial products over the Internet.
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