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 “Growth Decree“), requiring IVASS to enact, with specific reference to the non-life insurance class, measures aimed at reducing the paper format requirements and promoting the use of digital documentation. It is also the outcome of a series of consultations with the associations of intermediaries and consumers which highlighted areas for simplification process (e.g. delivery of pre-contractual documentation, reduction of the amount of documents in case of additional agreements entered into with the same intermediary, simplification of the information set out in documentation).
The Draft Regulation also requires insurance undertakings and intermediaries to obtain a certified e-mail account (Posta Elettronica Certificata or “PEC“) and to indicate their PEC address in any communication addressed to the public and on their website. In addition, it also includes measures aimed at fostering the use of advanced electronic signature, qualified electronic signature or digital signature for the execution of the insurance agreements as well as the electronic transmission and retention of the relevant documentation.
Furthermore, pursuant to the Draft Regulation, insurance intermediaries must allow customers to pay insurance premiums by debit card and shall encourage the use of e-payments. Such provision is in line with Article 15(4) of Growth Decree aimed at promoting the use of traceable means of payment.
The consultation on the Draft Regulation will end on 22 April 2014.