On 23 March, IVASS, in the run-up to the entry into force of its Regulation No. 45/2020 on insurance products oversight and governance requirements (“POG”) and Measure No. 97/2020 mainly providing amendments to the current...more
On 31 December 2020, Law Decree No. 183 of 31 December 2020 introducing, among others, specific provisions addressed to UK insurance undertakings in relation to their business and obligations following the end of the...more
IVASS published a public consultation in order to amend its Regulation no. 14 of 18 February 2008 ruling - among others - the authorization procedure applicable to insurance portfolio transfers....more
Following three public consultations launched on 23 September 2019, IVASS and CONSOB completed the implementation in Italy of (EU) Directive 2016/97 on insurance distribution ("IDD"), by publishing IVASS Measure No. 97/2020,...more
On 18 June 2020, the Italian Insurance Regulator (IVASS) published its annual report on the supervisory activity carried out in 2019. The Chairman of IVASS Mr. Daniele Franco in his considerations introducing the report...more
On 17 March 2020, IVASS and the Bank of Italy issued a joint communication regarding the cross-selling of insurance products and financing (the "Communication") to be delivered to the members of the management and supervisory...more
Among the measures taken to face the emergency arising from COVID-19, the Italian Government adopted Law Decree No. 23 of 8 April 2020 (the so-called “Liquidity Decree”) which aims...more
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...more
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...more
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...more
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")....more
On 5 March the Italian Supreme Court issued a new important judgment on unit-linked policies and their nature....more
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....more
7/11/2018
/ Corporate Governance ,
EIOPA ,
Insurance Industry ,
Internal Controls ,
Italy ,
IVASS ,
Regulatory Oversight ,
Regulatory Requirements ,
Reinsurance ,
Risk Management ,
Solvency II
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...more
On 16 June Legislative Decree No. 68/2018 aimed at implementing the IDD (the “Legislative Decree“) was published on the Italian Official Journal.
...more
6/20/2018
/ Consumer Insurance Products ,
Cross-Selling ,
Insurance Code ,
Intermediaries ,
Italy ,
IVASS ,
Mediation ,
New Legislation ,
Regulatory Oversight ,
Regulatory Standards ,
Reinsurance ,
Remuneration
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...more
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...more
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...more
Postponement of IDD implementing provisions -
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...more
2/20/2018
/ Consumer Financial Products ,
EU ,
EU Directive ,
Financial Instruments ,
Insurance Industry ,
Investment Opportunities ,
Italy ,
Life Insurance ,
Member State ,
MiFID II ,
Regulatory Oversight ,
Regulatory Standards
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...more
1/12/2018
/ Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
EU ,
Insurance Industry ,
Intermediaries ,
Italy ,
Popular ,
Regulatory Oversight ,
Regulatory Standards
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...more