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14 May 2013
In the context of the liberalisation measures recently adopted by Parliament with a view to increasing competition in the insurance sector (for further details please see "Liberalisation measures are introduced"), Article 22(8) of Decree-Law 179 (issued on October 18 2012) entrusts IVASS, the insurance regulator, with establishing new rules enabling insureds to have access to insurance undertakings for the purpose of collecting data on their respective contracts.
On March 19 2013 IVASS issued Draft Order 2/2013 on this matter. Once approved, the order will amend IVASS Regulation 35/2010 with respect to transparency and pre-contract information. Based on the new order, insurers will be required to allow insureds to access information relating to their insurance contracts through dedicated areas on their websites.
The draft order does not clarify whether it applies also to European undertakings performing business in Italy under the freedom of services or establishment regulations; a request for clarification on this matter has been submitted to IVASS. The consultation period for the draft order closed on April 30 2013.
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