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16 February 2010
ISVAP, the regulatory body with authority over the insurance sector, has issued two new draft regulations.
On November 18 2009 a regulation on reinsurance was published which aims to implement the provisions of the Insurance Code as modified by the adoption of the EU Reinsurance Directive (2005/68/EC). The regulatory framework consists of 142 articles (in four parts and eight titles), plus seven appendices. It governs:
On November 26 2009 ISVAP published a draft of Regulation 36/2009, which provides a regulatory scheme for the remote promotion and conclusion of insurance contracts.
The regulation is intended to ensure that a contracting party is adequately informed when entering into an insurance contract through remote communications systems (eg, online), and that the conclusion of such a contract is consistent with the provisions of the Consumer Code and Legislative Decree 70/2003 on e-commerce. Once approved, the regulation will apply to insurance companies that use remote communications systems to promote and conclude agreements for (i) life insurance contracts for individuals habitually resident in Italy or entities with a registered office in Italy, and (ii) non-life insurance contracts covering risks in Italy.
Article 4 of the draft regulation provides that:
"A company with a registered office in [an EU] member state or in a third state [that wishes] to use remote communications systems in order to promote and place insurance contracts in Italy, if not already authorized to carry on its activity under the regulations on freedom of establishment and freedom to provide services, shall comply with the provisions [of the regulation]."
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