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11 August 2009
On 12 May 2009 the Istituto per la vigilanza sulle assicurazioni private e di interesse collettivo (ISVAP), the regulatory body with authority over the insurance sector, approved Regulation 30. Article 4 of the regulation aims to guarantee equal treatment for men and women in access to insurance services, specifically in respect of premiums and services offered.
The regulation applies to insurance companies with registered offices within the Italian territory and to Italian branches of insurance companies with registered offices outside Europe.
Pursuant to Article 5, a company offering life insurance or third-party motor and watercraft insurance must ensure that its appointed actuary verifies the relevance and accuracy of the actuarial and statistical data if using a person's sex as a factor in determining premiums and services. ISVAP must be notified of the results of the verification under Regulation 21 of March 28 2009 and Regulation 16 of March 4 2008.
For each class of risk, companies must indicate on their websites the products and the relative terms and conditions in respect of which a different premium is applied or a different service is offered on the basis of the applicant's sex.
For further information on this topic please contact David Maria Marino or Bruno Giuffrè at Giuffrè Scorcelli Rosa & Partners - Studio Legale by telephone (+39 02 76 39 07 44), fax (+39 02 76 39 06 81) or email (firstname.lastname@example.org or email@example.com).
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