News from IVASS: Public consultation phase of the new regulation on the products governance and oversight of insurance (POG) and IBIPs distribution

On 23 September, IVASS published two consultation documents nn. 1/2019 and 2/2019 on its website.

By the first of the document, IVASS submits to the market the regulation scheme by which "new provisions regarding POG are introduced in order to increase the effectiveness of the national and European standards already in force and align the regulatory provisions to the new regulatory framework with particular reference to insurance investment products".

Document n. 2 aims, in particular, at introducing some revisions concerning the distribution of insurance investment products as well as the additional changes necessary for coordination and alignment of the relevant regulations for all distribution channels and all insurance products (specifically, to IVASS Regulations 38/2018, 40/2018 and 41/2018). The Document also contains amendments to IVASS Regulation 23/2008 (regarding the transparency of premiums and the contract conditions in the motor-vehicle third party liability insurance) and to IVASS Regulation 24/2008 (concerning complaints), requested by the market or by the regulatory analysis.

In both cases, IVASS allows market players to submit comments, comments and / or proposals by 31 October 2019.

The consultation document 1/2019 can be downloaded at the following link on the IVASS website.

The consultation document 2/2019 can be downloaded at the following link on the IVASS website.

This article is for information purposes only and is not intended as a professional opinion.

For further information, please contact Anthony Perotto, Guido Foglia or Michele Zucca.