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17 April 2018
In recent years, the attention that IVASS (the Italian insurance regulator) and the EU authorities have paid to the protection and needs of insureds has increased and been translated into market letters (among other initiatives). These market letters aim to encourage insurers to intervene in contracts through the introduction of protective measures or eliminate potentially punitive restrictions, thereby limiting contractual autonomy in various areas.
This has resulted in increased conflict between compliance and regulation on the one hand and civil law on the other. This is something that other sectors have already experienced and could ultimately have a significant impact on insurance litigation (eg, by potentially increasing litigation stemming from poor policy language or the existence of clauses that were initially negotiated by the parties, but turn out to no longer be valid due to subsequent regulatory measures).
This trend appears to be confirmed by a number of recent IVASS market letters on the following topics:
Now as ever, the focus on insurance products and their content is a priority for any undertaking or intermediary with respect to any class of risk with a view to preventing or at least containing litigation and the related costs. This will require increased dialogue between compliance and litigations teams.
For further information on this topic please contact David Maria Marino at DLA Piper Italy by telephone (+39 02 80 61 81) or email (email@example.com). The DLA Piper Italy website can be accessed at www.dlapiper.com.
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