DLA Piper Studio Legale Tributario Associato updates

IVASS issues clarifications regarding separate bank accounts for intermediaries
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • November 28 2017

Article 117 of the Insurance Code provides that premiums paid to intermediaries and monies used to settle claims or due by insurers must be kept in separate accounts, the holder of which can be an intermediary that acts expressly in such a capacity. No seizure or distraint of the separate account can be carried out by creditors other than policyholders and insurers. IVASS recently clarified a number of issues in this regard following an investigation into the compliance of intermediaries with said requirements.

IVASS publishes second consultation document on pre-contract information duties for non-life insurance products
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • September 12 2017

IVASS, the Italian insurance regulator, recently published a consultation document which includes a proposal to amend Regulation 35/2010 on the disclosure duties for proposers and the advertising of insurance products. The consultation document's publication follows the recent approval of EU Regulation 2017/1469 and sets out a standardised presentation format for insurance product information documents.

Supreme Court rules on application of insureds' duties to pay defence costs
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • August 08 2017

The Supreme Court recently ruled for the first time on the application of an insured's general duty to pay defence costs to prevent or mitigate loss, as set out in Article 1914 of the Civil Code. The court stated that such a duty applies to both first-party and third-party liability insurance, and – more importantly – that in either case it applies to defence costs.

Punitive damages: impact for third-party liability insurers
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • July 18 2017

A recent decision by the Supreme Court provided an important clarification on punitive damages and public order. The court ruled that damages in tortious and contractual actions seek not only to restore the position of the damaged party as it was before the wrongful action or breach of contract, but also to serve as a punishment and deterrent.

Public officials – Supreme Court decision provides guidelines for D&O insurers
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • June 06 2017

A recent Joint Divisions of the Supreme Court decision further clarified the Court of Auditors' jurisdiction compared with that of the civil courts regarding the liability of directors and officers (D&O) of companies held in whole or in part by public entities. The matter is relevant for insurers that underwrite D&O-related risks and need to determine whether the insured may be exposed to civil liability and sued before the civil courts or exposed to public liability and sued before the Court of Auditors.

Information asymmetry and protection of clauses in insurance contracts
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • March 07 2017

Following Decision 9140 by the Joint Sections of the Supreme Court in May 2016, information asymmetry and the protection of insurance contract clauses became widely debated topics. While the court focused on the need to assess the validity of claims-made clauses on a case-by-case basis, this approach could also be applied in principle to any insurance contract clause that is not regulated by the Civil Code or other legislation.

Minimum requirements approved for professional indemnity insurance for lawyers
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • December 13 2016

The minimum requirements for mandatory professional indemnity (PI) insurance for lawyers were recently approved by Decree 22. The mandatory PI requirements for lawyers cover damages, gross negligence, wilful misconduct, claims from clients and third parties and joint and several liability. The minimum limits vary depending on the turnover and number of professionals.

IVASS approves look-through approach to determine solvency capital requirements
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • September 13 2016

IVASS, the Italian insurance regulator, recently approved regulations on the look-through approach to determine the solvency capital requirements of insurers under the Italian Insurance Code, the EU Solvency II Directive and the European Commission Delegated Regulation. The solvency capital requirement will be determined by applying the look-through approach to collective investment schemes and market, underwriting and counterparty risks.

Information note for non-life insurance products
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • June 28 2016

The Italian insurance regulator recently published a proposal to amend Regulation 35/2010 on the disclosure and advertising of insurance products. The proposed amendments concern the simplification of the information note for third-party car insurance and other damages, new cases of exemption from the obligation to submit an information note and new methods for submitting pre-contractual documentation.

Electronic signature requirement for insurance and reinsurance intermediaries
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • June 07 2016

The Italian insurance regulator recently published Consultation Paper 7, which amended Regulation 5/2006 by introducing new methods for transmitting requests and communications required to maintain the Single Register of Insurance and Reinsurance Intermediaries. The consultation paper proposes that insurance and reinsurance intermediaries adopt an electronic signature for requests or communications relating to the register.

Claims-made clauses: much-awaited Supreme Court judgment
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • May 17 2016

The Joint Divisions of the Supreme Court recently published a long-awaited judgment on the validity and enforceability of claims-made clauses. In line with its previous judgments, the court established that in civil liability insurance contracts, claims-made clauses are not unfair. The grounds of the judgment establish a number of additional principles of law which appear reassuring for market players.

Limit not essential element of third-party liability insurance contract
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • March 15 2016

A recent Court of Cassation ruling established that the stipulation of a limit does not constitute an essential element of a civil liability insurance contract. The ruling demonstrates the importance of setting out clear provisions regarding the limits and sub-limits in civil liability policies, and the burden of proof concerning their application in particular.

Investments covering technical provisions
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • February 09 2016

IVASS, the Italian insurance regulator, recently published draft regulations on investments and assets covering technical provisions with aim of implementing Articles 37ter and 38 of the Insurance Code. The main changes include the introduction of the prudent person principle when selecting investments and assets covering technical provisions, and the strengthening of internal control systems.

Medical malpractice and insurance – is systemic intervention possible?
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • December 15 2015

A bill recently issued by the Social Affairs Committee proposes a number of points that are worthy of analysis – including, above all, a systemic intervention in the healthcare industry. The bill will be examined by other committees and Parliament and it is clear that the legislature aims to address the question of medical liability from a civil and criminal perspective as well as in broader terms of risk management.

Complaints management by insurance intermediaries
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • November 17 2015

The Insurance Supervisory Authority recently published a draft decision on complaints management by insurance intermediaries. The decision is designed to implement the European Insurance and Occupational Pensions Authority provisions and guidelines on complaints against intermediaries and raise awareness of the new provisions.

Payment protection insurance – new rules from the regulators
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • September 15 2015

The insurance regulator and the Bank of Italy recently published a joint letter addressed to insurers and intermediaries with the aim of increasing the level of protection for parties that purchase insurance policies paired with mortgages and other loans (ie, payment protection insurance). The supervisory authorities have identified a number of potential areas of intervention for market operators in this regard.

Payment protection insurance developments
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • August 11 2015

The Italian insurance regulator and the Bank of Italy recently met consumers, insurance companies, intermediaries, banks and financial companies to discuss a European Court of Justice judgment on payment obligations of mortgage loans in the event of a borrower's total incapacity to work. The regulator and the Bank of Italy will request that products and sales practices meet the guidelines provided.

Insurance Code amended
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • August 04 2015

Decree-Law 74/2015 has amended the Insurance Code to implement the EU Solvency II Directive regarding the take-up and pursuit of insurance and reinsurance. Among other things, the amendments address the allocation of supervisory duties for insurance and financial products between the national financial supervisory authority and the Italian insurance regulator.

New rules regarding complaints handling
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • June 09 2015

The Italian insurance regulator IVASS recently issued new rules regarding complaints handling by insurance undertakings in compliance with the recently enacted European Insurance and Occupational Pensions Authority guidelines. The new rules have been introduced as amendments to an existing IVASS regulation on complaints handling and include a number of significant changes.

IVASS issues new regulations on simplified procedures and compliance obligations
DLA Piper Studio Legale Tributario Associato
  • Insurance
  • Italy
  • April 21 2015

IVASS, the Italian insurance regulator, recently issued Regulation 8 which describes the simplified procedures and compliance obligations that apply to relationships between enterprises, intermediaries and clients. The document intends to foster technological innovation by reducing paperwork. Many of its provisions are optional and aim to incentivise the development of simplification tools.

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