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.

The new draft regulation implements the Guidelines published by EIOPA on the issue, and therefore regulates the complaints handling activity carried out by insurance intermediaries differently depending on the specific kind of insurance intermediary, following proportional and transparency criteria in relation to both the investigation activities required and the timing for the handling activities. More in details:

  • Complaints relating to agents and direct canvassers (including their employees and collaborators) shall be handled by the principal insurance undertaking, although  cross-examination with such intermediaries must always be ensured;
  • Brokers and bancassurance operators shall handle also complaints relating to their employees and/or collaborators;
  • A requirement to appoint a specific function in charge for the handling of complaints is introduced, but only in respect to certain kind of intermediaries, and namely: (a) brokers having more than 10 employees and/or collaborators enrolled in Section E of the Italian Intermediaries Register; and (b) bancassurance operators;
  • Brokers and bancassurance operators may also outsource the complaints handling activity, it being understood that they will in any case be responsible for final decisions concerning such claims.

If approved in such terms, the new regulation will require a review of the current policies on complaints handling which were recently approved in compliance with IVASS Regulation no. 24/2008.

Public consultation will end on 30 November 2015, and intermediaries and insurers will need to comply with the new provisions within the 180 days following publication of the new regulation in the Italian Official Gazette.

View: Istituto per la Vigilanza sulle Assicurazioni, in Italian (text of the new draft Regulation under public consultation).