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Italy – Newsflash: Latest News for the Insurance Sector

1. IVASS monitoring KIDs of insurance-based investment products (IBIPs)

On 10 July, IVASS launched a preliminary public consultation which could possibly be followed by a tendering procedure for the selection of a service provider which will be charged with the task of setting up and managing an online portal for the collection, updating and monitoring of Key Information Documents (KIDs) of IBIPs. The service provider would be required to supply: (i) a KID database, to be periodically updated and maintained, related to the domestic market, including the main foreign companies operating in Italy; (ii) automated access and extraction of qualitative information and numerical data contained in the KIDs; and (iii) tools for statistical analysis and comparison of information and data contained in the KIDs.

The scope of the recent initiative is not fully clear yet given that CONSOB currently supervises KIDs of financial insurance products and also receives the relevant communications. The general aim of the new portal – as per the IVASS public consultation – would be to strengthen the supervision of IBIPs in light of the general powers of supervision and intervention attributed thereto by law in relation to structure profiles of the insurance products. Thus, IVASS intends to equip itself with tools for the collection and analysis of data contained in KIDs in order to provide an initial source of information on the structure and main features of IBIPs.

The impact on the regulatory framework and supervision should become clearer when the expected IVASS regulation on IBIPs is issued.

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