Introduction
Scope of application
Minimum content
Special cases
Effective date
On September 1 2013 a new rule affecting the websites of life and non-life insurance companies in Italy came into effect (Measure 7 as approved by IVASS, the insurance regulator). Affected insurers must now have suitable areas on their websites reserved for each policyholder, allowing policyholders to view their existing insurance policies, contractual conditions, payment status, expiry dates and, for life insurance policies, the redemption value and updated valuations.
The stated purpose of the measure is to foster more effective management of insurance relationships while enhancing transparency and streamlining relationships between insurers and insureds.
The measure applies only to companies with their registered office in Italy and, in relation to mandatory vehicle and vessel third-party liability insurance, to EU insurers performing business in Italy under the freedom of services or freedom of establishment regulations.
The following information must be available to be viewed by each individual policyholder:
- existing insurance policies;
- contractual conditions;
- payment status of premiums and expiry dates;
- for life insurance policies (including unit and index-linked policies) and capitalisation transactions, the redemption value of the policy;
- for unit and index-linked life insurance policies, the value of the position based on the current valuation of units or the reference value to which benefits are linked; and
- for third-party liability insurance for motor vehicles, a declaration on the risk status.
Insurers have the right not to activate the access service through reserved online areas in relation to:
- policies concerning specific non-standard risks and subject to ad hoc negotiation (eg, vehicle and vessel fleets, large risks and certain agricultural risks);
- contracts of a limited amount (ancillary contracts for products or services with a premium below €100); and
- policies relating to risks connected to specific events for a limited timeframe (eg, policies combined with the purchase of ski passes, policies sold during races and sporting events and policies to cover risks during short journeys).
With reference to group policies, the measure provides for access to the reserved area on the website by an insured party if it pays a premium or has an interest in the benefits.
However, policies "on behalf of the entitled" pursuant to Article 1891 of the Civil Code are excluded from the measure's scope of application where the insured parties are not identified individually when the group policy is signed, but are included in the policy as they belong to a certain category.
Group policies connected to mortgages or other loan agreements are subject to the provisions of the measure that apply to individual policies; therefore, the insured parties of these group contracts will be permitted access to the reserved online area.
The measure took effect on September 1 2013. Within 60 days of this date, affected insurers must make access to the reserved online areas available to policyholders signing new contracts starting from September 1 2013. Within four months of this date, insurers must prepare a plan to make the service available for contracts in force as of September 1 2013. This plan must be implemented within the following six months.
For further information on this topic please contact David Maria Marino at DLA Piper Italy by telephone (+39 02 80 61 81), fax (+39 02 80 61 82 01) or email ([email protected]).
This article was first published by the International Law Office, a premium online legal update service for major companies and law firms worldwide. Register for a free subscription.
