Italy

Topic: Insurance

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Insurance claims handling soon to be a financial service

Following the release of the Royal Commission final report earlier this year, the Treasury has now released draft legislation that will make insurance claims handling a financial service under the Corporations Act 2001 (Cth). This will give the Australian Securities and Investments Commission (ASIC) greater supervisory responsibility over claims handling and require that these activities … Continue Reading

Amendments to Solvency II Delegated Regulation published in the Official Journal

On 18th June 2019, Commission Delegated Regulation (EU) 2019/981 (the Amending Regulation), which amends the Solvency II Delegated Regulation ((EU) 2015/35), was published in the Official Journal of the EU. The European Commission adopted the Amending Regulation on 8 March 2019. The Amending Regulation will enter into force on 8 July 2019 (twenty days after … Continue Reading

EIOPA publishes a report following its thematic review of the use of Big Data Analytics in motor and health insurance

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the use of Big Data Analytics in motor and health insurance. The report reveals a trend for increasingly data-driven business models throughout the insurance value chain in both health and motor insurance.… Continue Reading

France clarifies the form and content of the information to be provided by UK insurers to their French insureds and policyholders following Brexit in the event of a no-deal

On 22 March 2019, the French Ministry of Economy and Finance passed a decree (the Decree) implementing the provisions of the ordinance n° 2019-75 of 6 February 2019, introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance). As … Continue Reading

EIOPA publishes framework for assessing conduct risk through the product lifecycle

On 20 February 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a framework to identify the drivers of conduct risk so that EIOPA and European National Competent Authorities (NCAs) can focus on minimising these risks to consumers.… Continue Reading

EIOPA issues recommendations to European National Competent Authorities to minimise risks to policyholders in the event of a no-deal Brexit

On 19 February 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued nine recommendations to the National Competent Authorities (NCAs) with responsibility for the supervision of insurance undertakings and insurance intermediaries in European Union (EU) Member States. The recommendations provide the NCAs with guidance on EIOPA’s expectations in relation to the treatment of UK … Continue Reading

France enacts a new legal regime for insurance contracts entered into before Brexit in the event of a no-deal.

On 7 February 2019, the French Ministry of Economy and Finance passed an Ordinance (No. 2019-75) introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance)[1]. The Ordinance amends the provisions of the French Insurance Code (FIC) (among others) … Continue Reading

Italy announces a temporary regime for Italian-UK provision of banking, financial and insurance services

On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in … Continue Reading

Replacement of the Luxembourg Protocol with new IDD co-operation agreement

The European protocol governing the Cooperation of the Competent Authorities of the Members States of the European Union in Particular Concerning the Application of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on Insurance Mediation (more commonly referred to as the “Luxembourg Protocol”) has been replaced by an updated … Continue Reading

Delegated Regulation amending Solvency II to align with Securitisation Regulation published in OJ

 On 10 September 2018, there was published in the Official Journal of the  EU (OJ) Commission Delegated Regulation (EU) 2018/1221 of 1 June 2018 amending Delegated Regulation (EU) 2015/35 as regards the calculation of regulatory capital requirements for securitisations and simple, transparent and standardised securitisations held by insurance and reinsurance undertakings. The Delegated Regulation will … Continue Reading

Italy: Consob consults on abrogation of prospectus for insurance investment products

Consob, the Italian financial sector regulator, has launched a consultation on the abrogation of the obligation to publish a prospectus for unit-linked and index-linked insurance products. The proposed change is intended to end the peculiar Italian regime requiring insurers to draft a prospectus for unit-linked and index-linked insurance products, introduced in 2005 when the EU … Continue Reading

Italian Supreme Court hands down judgment on suspension of time limitation on insurance claims

Italian insurance contract law provides that notice of a claim for damages by a third party to a liability insurer or notice of commencement of court action by a third party will suspend any limitation period specified under the insurance contract until the rights of the damaged party have become enforceable or become time-barred. … Continue Reading

Italy: Italian regulators issue new PPI rules for insurance firms and intermediaries

On 26 August 2015, the Italian Insurance Regulatory Authority (IVASS) and the Bank of Italy published a joint letter, addressed to all insurers and intermediaries (including banks and financial intermediaries) calling on them to adopt new measures so that customers purchasing insurance policies paired with mortgages and other loans (so-called “Payment Protection Insurance” or “PPI”) … Continue Reading

Italy: the Supreme Court to definitively rule on the indemnifable damage in D&O proceedings

With Court Ordinance no. 12366/2014, the Joint Sections of the Italian Supreme Court have been called to definitively rule on the correct criteria to be used in judgements relating to liability of directors of bankrupt companies in order to assess the damage that can be indemnified to such companies as a result of the maladministration … Continue Reading
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