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
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
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
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
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
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
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.
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
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.
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
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
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
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
With Resolution No. 22 of 21 October 2014, Italy’s insurance regulator IVASS announced changes to the regime governing the kinds of investments and assets that insurance companies may use to cover technical reserves (riserve tecniche). Following two rounds of public consultation, the regulator revealed its decision to expand the range of assets to include direct
On 10 June 2014, IVASS launched a public consultation (the “Consultation“) concerning amendments to ISVAP Regulation 36/2011 setting out the guidelines on investments and assets eligible for technical reserves. Regulation 36/2011 was recently amended by IVASS Resolution No. 17 of 15 April 2014 which was adopted for the purpose of implementing the EIOPA Guidelines (please
As a follow-up to the public consultation launched on 14 January 2014, concerning the amendments to certain Regulations for the implementation of the EIOPA Guidelines (please refer to our newsflash of 3 February 2014) on 15 April 2014 IVASS published the contributions to the consultation. Please click here for our Newsflash dated 30 April 2014.
On 1 April 2014, IVASS launched a public consultation concerning amendments to ISVAP Regulation No. 24/2008 on the procedure for submitting complaints to IVASS and the management of complaints by insurance undertakings (the “Consultation“). The aim of the consultation is to align the Italian rules with the EIOPA Guidelines on Complaints-Handling by Insurance Undertakings and
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
Earlier this month the Italian insurance practice published their insurance newsletter on new eligible investments for insurance companies and the IVASS consultation on EIOPA Guidelines.