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Category Archives: Italy

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Posted in Asia, Belgium, Case reports, China and Hong Kong, Croatia, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Luxembourg, Market developments, Poland, PRA, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, Uncategorized, USA, Vietnam

Engage is here

We have moved our content to the new Hogan Lovells platform Engage.  Engage gives you the latest legal and regulatory news and provides insights and analysis for your business, from across our global network, when you need it. If you have subscribed to this blog, you will receive a launch email for Engage on April 20

Posted in Belgium, Croatia, European Union, France, Germany, Hungary, Italy, Luxembourg, Market developments, Poland, Regulatory and legislative updates, Russia, Spain, The Netherlands, UK

Italian first measures in favor of insurance market operators against COVID-19 emergency

As a result of the health emergency caused by the widespread outbreak of the COVID-19 virus and disease, specific measures have been adopted in Italy starting from the beginning of March 2020 in order to contain the impact thereof at various levels and sectors of the economy. In particular, the Italian Government adopted Law Decree

Posted in Belgium, Croatia, France, Germany, Hungary, Italy, Luxembourg, Market developments, Poland, Regulatory and legislative updates, Spain, The Netherlands, UK

Mixed responses from European regulators as EIOPA urges insurers to hold back on dividend payments

On 2 April 2020, the European Insurance and Occupational Pensions Authority (EIOPA) urged all (re)insurers to temporarily suspend dividend distributions and share buybacks.  The response from insurance regulators in EU countries has been mixed.  In some countries the regulator has followed a similar approach.  However, the German regulator, BaFin, has stated that it considers the

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Sanctions, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

IAIS measures to provide operational relief to supervisors and insurers in light of COVID-19

The International Association of Insurance Supervisors (IAIS), on 27 March 2020, published a press release about the measures it is taking to address the impact of COVID-19 on the insurance sector. This includes using the framework it has developed for forward-looking risk to undertake a targeted assessment of the impact of COVID-19 on the global

Posted in Asia, Case reports, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Sanctions, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Engage is coming

We are changing how we share our blogs, newsletters, client alerts, publications and other pieces of legal news and analysis with you.  We are bringing them all together into one place: Hogan Lovells Engage. Engage gives you the latest legal and regulatory news and provides insights and analysis for your business, from across our global

Posted in Italy, Market developments, Regulatory and legislative updates

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

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Russia, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Tesla’s insurance plans – the possibility of a revolutionary product

Tesla CEO Elon Musk recently declared that the company intends to create an insurance product ‘much more compelling than everything else out there’. Victor Fornasier, partner at Hogan Lovells, discusses with Tom Inchley from Lexis Nexis, Tesla’s plans and what they could mean for the car insurance industry. Click here for the article. This article

Posted in Italy, Regulatory and legislative updates

Brexit: Italian measures for UK insurers and intermediaries

Last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit (the “Decree”). The final version of the Decree is expected to be issued soon and will enter into force upon the publication on the Official Journal. Amendments in the final version of

Posted in Italy, Regulatory and legislative updates

Unit-linked policies: a new judgement of the Italian Supreme Court

On 5 March the Italian Supreme Court issued a new important judgment on unit-linked policies and their nature. Unlike previous decisions rendered over the past years, in which the Supreme Court merely referred to the lower courts the task of assessing the features of the disputed policies so as to verify whether they could be

Posted in Italy, Regulatory and legislative updates

Italy: IVASS reviews rules on corporate governance system and outsourcing

IVASS published on 5 June Regulation no. 38 concerning provisions on the corporate governance system (the “Regulation“) implementing EIOPA Guidelines pursuant to Solvency II Directive. The Regulation will be applicable to: (i) insurance and reinsurance undertakings having a registered office in Italy (ii) the Italian branches of insurance and reinsurance undertakings having a registered office

Posted in Italy, Regulatory and legislative updates

Italy: Insurance based investment products: Consob simplifies transparency requirements for life insurance undertakings

On 28 June Consob (the Italian supervisory authority on financial markets) launched a public consultation regarding amendments to its Regulation adopted with Resolution No. 11971 of 14 May 1999 (“Consob Regulation on Issuers”) in order to review the pre-contractual information requirements to be met by insurance undertakings when issuing insurance products with financial content (i.e.

Posted in Italy, Regulatory and legislative updates

Italian law implementing the IDD is published in the Official Journal

On 16 June Legislative Decree No. 68/2018 aimed at implementing the IDD (the “Legislative Decree“) was published on the Italian Official Journal. The Legislative Decree will significantly impact the rules currently in force in Italy on insurance mediation set out by the Italian Insurance Code and the Italian Consolidated Financial Act.

Posted in Italy, Regulatory and legislative updates

Italy: IVASS secondary level provisions implementing the Insurance Distribution Directive (“IDD”)

On 8 June IVASS launched three public consultations on its draft regulations providing for secondary level legislation regarding insurance and reinsurance distribution, pre-contractual transparency requirements to be met in connection with the distribution of insurance products and on administrative sanctions. Although the Legislative Decree approved by the Italian Government on 16 May aimed at implementing

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, South Africa, Spain, The Netherlands, UK, USA

How will pharmacogenetics influence the life insurance industry?

Pharmacogenetics is the study of how genes affect a person’s reaction to medicines. The combination of pharmacology (the science of drugs) and genomics (the study of genes and their functions) leads to the development of medications that will be effective and safe, as they will be tailored to a person’s genetic make-up. A small blood

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, Spain, The Netherlands, UK, USA, Vietnam

Insurance M&A 2017/2018

Following up on our 2018 Insurance Horizons brochure, which comments on legal and regulatory trends and developments across the insurance industry, we have today released Insurance M&A 2017/2018, a paper that takes a closer look at M&A activity across the sector. Click here to continue reading…

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, South Africa, Spain, UK, USA

Insurance Horizons 2018

As a global insurance industry team, we aim to follow industry trends and developments as closely as possible in order to deliver well informed perspectives and thought leadership to our clients and contacts. Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk.

Posted in Italy, Regulatory and legislative updates

Italy: IVASS extends to EU insurers its recent guidelines to simplify insurance policy wording

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

Posted in Italy, Regulatory and legislative updates

Italy: IVASS and AGCM bring actions against unfair clauses contained in accident and health insurance contracts

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.

Posted in European Union, Italy, Regulatory and legislative updates

Italy: IVASS provides instructions to insurance intermediaries for preventing cyber risks

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

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 Case reports, Italy

Latest developments of Italian case law for index-linked and unit-linked policies

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

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 France, Germany, Italy, Poland, Regulatory and legislative updates, Spain, UK

The Insurance Distribution Directive….one year to go

  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