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02 October 2018
On 2 August 2018 IVASS, the Italian insurance regulator, introduced Regulations 40 and 41 regarding the distribution of (re)insurance products and pre-contract information duties.
The EU Insurance Distribution Directive (IDD) (2016/97/EC) has now almost been fully transposed into domestic legislation following changes introduced to the Insurance Code, save for further rules that IVASS has reserved to issue regarding product oversight and governance and financial insurance products.
Alongside these regulations, IVASS also recently published a report following a consultation phase. The clarifications that IVASS provided in the report represent useful guidance for both insurers and intermediaries.
With regard to distribution matters (ie, Regulation 40), IVASS has clarified, among other things, that:
As regards pre-contract information duties (ie, Regulation 41), IVASS has clarified, among other things, the following:
A standalone glossary (ie, separate from the policy terms) will no longer be required.
For further information on this topic please contact David Maria Marino at DLA Piper Italy by telephone (+39 02 80 61 81) or email (firstname.lastname@example.org). The DLA Piper Italy website can be accessed at www.dlapiper.com.
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