Topic: Insurance

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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of the Council of 9 December 2002 on Insurance Mediation (more commonly referred to as the “Luxembourg Protocol”) has been replaced by an updated … Continue Reading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