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12 August 2014
Outsourcing agreements in the highly regulated insurance sector often fall victim to its regulatory framework, with stringent obligations in terms of the content of agreements, internal procedures and formalities to be followed.
In this respect, IVASS – the Italian insurance regulator – issued Regulation 20 of March 26 2008 (recently amended by Measure 17 of April 15 2014) setting out a strict regime for insurers that outsource services to third parties. Apart from the internal controls to be put in place, IVASS has issued the following provisions:
The outsourcing of essential or important activities requires prior notification to IVASS; however, it is always a challenge to identify the activities the fall within this scope. Likewise, the broad principles set forth above leave a certain level of discretion, but also uncertainty.
In any case, outsourcing agreements in the insurance sector are interesting projects that require the synergy of different experts from different legal fields.
For further information on this topic please contact Giulio Coraggio at DLA Piper Italy by telephone (+39 02 80 61 81), fax (+39 02 80 61 82 01) or email (email@example.com). The DLA Piper website can be accessed at www.dlapiper.com.
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