In a letter to the market published by IVASS yesterday, the Italian insurance regulator expressly clarified that the scope of application of the guidelines set out in a previous letter to the market also includes EU insurance undertakings acting in Italy under both the right of establishment and freedom of services regimes. Click here to
The Italian Insurance Regulator (“IVASS“) and the Italian Competition Authority (“AGCM“) have taken coordinated actions against certain clauses contained in health and accidents insurance policies that cover permanent invalidity, because they have been presumed unfair to the insurance beneficiaries. Click here to read more.
On 14 February the EU Council agreed the text of the proposed Directive to postpone the deadline for the transposition into Member States of Directive 2016/97 on insurance distribution (IDD) to 1 July 2018 and the application date of new rules to 1 October 2018. Click here to continue reading the Newsletter.
IVASS has just published a letter to the market addressed to Italian and EU insurance intermediaries and undertakings addressing the level of awareness of traditional intermediaries about the risks involved in the use of new technologies and the prevention and protection measures adopted to face these risks. The letter is a follow up to the investigation
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.
The classification of index and unit linked policies as insurance or financial products continues to be debated in Italy, notwithstanding the Supreme Court’s decision no. 6061 of 18 April 2012. The issue arises from the enactment of Law no. 262/2005 – entered into force on 25 January 2007 -, which extended the application of the
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
Member States across the EU are due to implement the Insurance Distribution Directive by 23 February 2018. With just one year to go we have looked at what progress the supervisory authorities in France, Germany, Italy, Poland, Spain and the UK are making with their implementation plans and how firms in each country might be
Hogan Lovells have produced a brochure highlighting key trends in the insurance industry as well as a number of articles on industry issues. The brochure also showcases the strength and depth of our insurance practice, and our client events and thought leadership. Click here to read the full brochure.
Running from 14 to 16 November, the InsurTech Rising conference and Blockchain Summit will bring together key startups and incumbents shaping the InsurTech sector. Hogan Lovells is the conference’s Gold Sponsor and will be presenting on blockchain, the internet of things and insurance regulation, as well as moderating a panel discussion, introducing demos from a
It is 90 days since the UK’s electorate voted to leave the EU. With so many unknowns, how can you look beyond the uncertainty and decide what to do right now? The Brexit toolkit is a seven step practical guide to help you assess real impacts and implement a practical response. It also contains critical
What is genuinely innovative about today’s insurance sector? Perhaps little – but that is beginning to change. For the past few years we have seen innovative ways of selling products – such as search engine aggregators – at the distribution end of the retail market. Yet with the majority of costs borne by insurers falling
Following last week’s vote for Brexit, many are wondering what impact the decision will have on litigation and arbitration in the UK. Will jurisdiction agreements in favour of the UK courts continue to be respected within the EU, and will English judgments be enforceable throughout the EU? How are court documents to be served in
Webinar Invitation – 13 July 2016 In this webinar, we will be looking at the potential impact of Brexit (if and when it happens) on the insurance industry, including the possible implications for the rules on investments and reinsurance, and the effect on regulatory capital and the regulatory balance sheet. We will consider the corporate structures
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
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
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
The European Commission has recently published (2 September ) a roadmap on its forthcoming green paper on retail financial service and insurance. The objective of this Green Paper is to consider the obstacles faced by providers and consumers when offering or purchasing financial services across the EU. It will investigate issues not yet addressed in legislation
What is Being Proposed In an effort to reduce perceived U.S. tax advantages for certain multinational insurance and reinsurance groups with U.S. operations, the Obama administration in its 2016 Fiscal Year Budget Revenue Proposals seeks new legislation that would deny a U.S. cedent a federal income tax deduction for premiums paid to an affiliated non-U.S.
Who’s Who Legal has just released its Insurance & Reinsurance 2015 Analysis, “a comprehensive analysis of the market, featuring 559 leading practitioners from 280 firms across 58 jurisdictions”, that highlights Hogan Lovells’ top international insurance practice. As the Analysis points out, “[o]nly a relatively small number of law firms can boast a global network of
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
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
To help litigants navigate those rules and avoid missing tactical opportunities at an early stage in a dispute, we have prepared a note which summarises the three key European Union Regulations and provides easy to navigate flow charts.
Progress has been made recently with the Council of the European Union agreeing its general approach on the Insurance Mediation Directive 2 (“IMD2”) on 5 November 2014. This allows negotiations to begin with the European Parliament. The European Commission originally presented a proposal for a revised insurance mediation directive in July 2012 and, following initial