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Tag Archives: life insurance

Posted in Italy, Regulatory and legislative updates

Italy: Implications for life insurers on the implementation of the PRIIPs Regulation

Silvia Lolli from our Rome office has written an article about the implementation of the PRIIPs Regulation in Italy and the implications  for life insurers and their existing transparency obligations with regard to customers.  The article is in Italian and has been published on Diritto Bancurio.  Click here to view the article.  

Posted in Regulatory and legislative updates, Spain

Spain: The new classification of financial products

The Order ECC/2316/2015, regarding the duty of information and classification of financial products, published in the Spanish Official Gazette on 5 November 2015, will come into force on 5 February 2016. This Order establishes a standardised information system and classification of financial products aimed at warning the clients about the risk level and complexity of

Posted in France, Regulatory and legislative updates

France: The fate of unclaimed life insurance contracts

On 13 June 2014 the French Parliament has adopted the Eckert Law aiming at updating the current legislation on the fate of the unclaimed life insurance contracts to strengthen customers’ rights and impose additional constraints to insurers. The Eckert Law has been supplemented by a Decree (Decree n°2015-1092 of 28 August 2015) which defines the

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

Hong Kong: OCI guidance note on underwriting long-term insurance business (GN 16)

The Office of the Commissioner of Insurance (“OCI“), the Hong Kong insurance regulator, issued a new guidance note (the “Guidance“) on underwriting life business (other than investment-linked assurance scheme (“ILAS“) business, which is covered by the earlier guidance note GN 15) on 30 July 2015. The Guidance has been under discussion with the industry for

Posted in Asia, Regulatory and legislative updates

China: draft rules to allow life insurers to sell policies online to purchasers nationwide

On 15 April 2014, China’s insurance regulator, the China Insurance Regulatory Commission (the “CIRC“), issued Circular Regarding the Regulation of Online Insurance Business Operation of Life Insurance Companies (Draft for comments) (in Chinese: 关于规范人身保险公司经营互联网保险有关问题的通知(征求意见稿)). If implemented, this circular will allow life insurance companies to sell accident, fixed-term life and whole life policies, through online channels,

Posted in Case reports, Italy

Italy: Unit and Index linked policies: the wavering position of Italian courts

Unit and Index linked policies are at the centre of a debate as to whether they should be classified as insurance contracts or financial products, respectively governed by different sets of rules. Linked policies concluded after 25 January 2007 – i.e. the entry into force of Legislative Decree no. 303 of 29 December 2006 –are