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
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
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
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
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
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of the Council of 9 December 2002 on Insurance Mediation (more commonly referred to as the “Luxembourg Protocol”) has been replaced by an updated … Continue Reading
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
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 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
Following the recent investigations carried out with the Bank of Italy on Payment Protection Insurance (PPI) and the letter to the market issued by both the authorities on this matter at the end of August 2015, IVASS has now launched a survey in order to gain more detailed information on the structure of costs relating … Continue Reading
A recent ruling by the Italian Supreme Court (Corte di Cassazione, no. 17790/2015) has intervened on the issue of whether the heirs of a deceased policyholder can access personal data relating to beneficiaries under the policy.… Continue Reading
IVASS published for public consultation a new draft regulation which will amend the current legislation on complaints handling (i.e., IVASS Regulation no. 24/2008) in order to introduce specific provisions for the handling of complaints carried out by insurance intermediaries.… Continue Reading
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
On January 1, 2015, significant changes to the compulsory professional indemnity insurance of accountants who render certifications of tax compliance (visto di conformita) entered into force:… Continue Reading
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
