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23 September 2008
A new regulation on complaints-handling procedures was issued on May 19 2008. The regulation replaces the previous Circulars 518/D (November 21 2003) and 242/S (November 25 2004), issued by the Istituto per la vigilanza sulle assicurazioni private e di interesse collettivo (ISVAP), the regulatory body with authority over the insurance sector. Most of the new regulation's provisions are in line with those set out in the previous circulars.
The regulation's 13 articles are divided in four sections on general provisions, complaints addressed to ISVAP, complaints addressed to insurers and final provisions.
Section III, Article 8 deals with insurers' complaints-handling procedures. As previously set forth by Circular 518/D, insurers must, among other things:
Pursuant to Articles 8(6) and (7), all but the last of these requirements apply to insurers from other EU states that are established in Italy under the freedom of establishment principle, whereas only the first requirement applies to EU insurers carrying out their activity in Italy under the freedom of services principle.
Article 9 of the regulation deals with the registration of complaints and the duty to notify ISVAP. As previously set forth in Circular 518/D, insurers must electronically archive information relating to the complaint (as specified in Schedule 1 of the regulation) and must notify ISVAP on a quarterly basis.
The ISVAP report accompanying the regulation states that EU insurers, whether established under the freedom of establishment principle or operating under the freedom of services principle, are exempt from the quarterly reporting requirement. This position was recently confirmed in a clarification issued by ISVAP.
In accordance with the 'home country control' principle, an EU insurer must send details of complaints to the competent authority in its state of origin (if the latter's laws and regulations so require).
For further information on this topic please contact David Maria Marino at Giuffrè Scorcelli Rosa & Partners by telephone (+39 02 7639 0744) or by fax (+39 0276 390 681) or by email (firstname.lastname@example.org).
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