News from IVASS
I. IVASS has published document no. 5/2019, concerning the IVASS regulation scheme about whistleblowing reporting system procedure, pursuant to articles 10-quater and 10-quinquies of the Private Insurance Code ().
The document is now subject to comments from market players.
Such regulation – which will be applicable (at least according to the current wording subject to comments from the market) also to EU insurers and intermediaries operating in Italy under right of establishment – will implement whistleblowing provisions set out by the Private Insurance Code.
II. Through a specific Q&A, IVASS has also clarified – pending the “public consultation” phase of IVASS document no. 2/19 – the time framework for the application of art. 46, Reg. IVASS 40/18 (which provides, in particular, the obligation for insurers to implement a distribution management and control policy, as well as the obligation to draft an annual report on monitoring, detected criticalities and solutions proposed in application of such policy).
It should be noted that art. 46 of Reg. IVASS 40/18 is also applicable to EU insurers carry on business in Italy under right of establishment or the freedom to provide services regime.