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Tag Archives: IVASS

Posted in Italy, Regulatory and legislative updates

Italy: IVASS once again shines a spotlight on PPI policies

After one year from the last coordinated intervention of IVASS and the Bank of Italy in this sector aimed at better protecting policyholders/borrowers, IVASS issued a new letter to the market addressed to insurance undertakings and intermediaries enrolled in section D of IVASS Registry of insurance intermediaries (banks and financial intermediaries) in relation to policies

Posted in Italy, Market developments

Italy: IVASS – New investment limits for insurance companies

After its Consultation last December (please see our newsflash), on 6 June 2016 IVASS enacted Regulation No. 24 (“Regulation 24“) – replacing ISVAP Regulation No. 36 of 31 January 2011 (“Regulation 36“) – regarding, among other things, investment limits and coverage of technical reserves. Regulation 24 – in line with Ministerial Decree 166/2014 for pension funds – moves

Posted in Italy, Market developments

Italy: IVASS Regulation on complaints handling extended to insurance intermediaries

Yesterday IVASS published on its website Regulation No. 46 of 3 May 2016 (“Regulation 46“) – amending ISVAP Regulation No. 24 of 19 May 2008 (“Regulation 24“) on the procedure for the submission of complaints to IVASS and the management of complaints by insurance companies. Regulation 46 extends the scope of Regulation 24 to Italian

Posted in Italy, Regulatory and legislative updates

Italy: Insurance Policies combined with financings

On 26 August 2015 the Italian Authority for the Supervision of the Insurance Sector (IVASS) and the Bank of Italy sent a letter to both the insurance companies and insurance intermediaries, including banks and financial intermediaries, whereby they ask to raise the level of protection of clients in the sale of insurance policies combined with

Posted in Italy, Market developments

Italy: IVASS representative will be speaking at our roundtable on new investment limits for insurance companies

On 15 April 2015 Mr Fausto Parente, the Head of rule-making and supervision of IVASS (the Italian insurance supervisory authority), will be speaking at  the HL roundtable at our office in Rome with videoconference to our Milan office. Mr Parente will discuss the new investment limits for insurance companies in light of the recent amendments

Posted in Italy, Regulatory and legislative updates

Italy: New IVASS Regulation on simplification measures for contractual relationships

Following the public consultation launched on 18 March 2014, IVASS published today Regulation No. 8 of 3 March 2015 concerning measures to simplify the administration of contractual relationships between insurance undertakings, intermediaries and clients (“Regulation 8”). Regulation 8 implements Article 22, paragraph 15-bis of Law Decree No. 179 of 18 October 2012, as converted into

Posted in Italy, Regulatory and legislative updates

Italy: Note on IVASS Resolution No. 22 or 21 October 2014

With Resolution No. 22 of 21 October 2014, Italy’s insurance regulator IVASS announced changes to the regime governing the kinds of investments and assets that insurance companies may use to cover technical reserves (riserve tecniche). Following two rounds of public consultation, the regulator revealed its decision to expand the range of assets to include direct

Posted in Italy, Regulatory and legislative updates

Italy: IVASS consultation on Regulation 36/2011 extending permitted investments for technical purposes

On 10 June 2014, IVASS launched a public consultation (the “Consultation“) concerning amendments to ISVAP Regulation 36/2011 setting out the guidelines on investments and assets eligible for technical reserves. Regulation 36/2011 was recently amended by IVASS Resolution No. 17 of 15 April 2014 which was adopted for the purpose of implementing the EIOPA Guidelines (please

Posted in Italy, Regulatory and legislative updates

Italy: IVASS – Implementation of the EIOPA Guidelines

As a follow-up to the public consultation launched on 14 January 2014, concerning the amendments to certain Regulations for the implementation of the EIOPA Guidelines (please refer to our newsflash of 3 February 2014) on 15 April 2014 IVASS published the contributions to the consultation. Please click here for our Newsflash dated 30 April 2014.

Posted in Italy, Regulatory and legislative updates

Italy: IVASS Consultation on complaints handling

On 1 April 2014, IVASS launched a public consultation concerning amendments to ISVAP Regulation No. 24/2008 on the procedure for submitting complaints to IVASS and the management of complaints by insurance undertakings (the “Consultation“). The aim of the consultation is to align the Italian rules with the EIOPA Guidelines on Complaints-Handling by Insurance Undertakings and

Posted in Italy, Regulatory and legislative updates

Italy: IVASS consultation on simplification in the insurance sector

On 18 March 2014, IVASS published a draft regulation for consultation concerning measures to simplify procedures and bureaucracy in the contractual relationships between insurance undertakings, intermediaries and customers (the “Draft Regulation“). The Draft Regulation implements Article 22, paragraph 15-bis of Law Decree No. 179 of 18 October 2012, as converted into law (the so called