26.05.2021

IVASS Regulation No 47 of 27 April 2021: provisions on recovery plans and financing plans of (re)insurance undertakings

On 27 April 2021, IVASS published Regulation No 47 on recovery and financing provisions pursuant to Title XVI of Legislative Decree No 209 of 7 September 2005 - Private Insurance Code ("CAP"). With this…

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12.02.2021

Legislative Decree No 187/2020 entered into force: significant amendments to the Private Insurance Code concerning insurance distribution

On 9 February 2021, Legislative Decree No. 187 of 30 December 2020 (the "Decree") entered into force. The Decree, adopted to integrate the provisions implementing Directive (EU) 2016/97 (the "IDD"),…

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29.01.2021

IVASS publishes Provisions no. 108/2021 and 109/2021, which envisage the extension of the deadlines for the temporary suspension of unrealized losses in short term financial assets and the deadlines for the application of the EU International Financial Re

With Provision No. 108/2021 of 27 January 2021, IVASS amended Regulation No. 43/2019 by aligning the insurance regulatory framework with the new provisions laid down in the Decree of the Ministry of…

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18.01.2021

IVASS Provision No. 107 of 12 January 2021: amendment to the definition of "portfolio" as set forth by ISVAP Regulation No. 14/2008 (effects on the transfer and management of a portfolio in run-off of insurance contracts)

With provision No. 107/2021, IVASS amended the definition of "portfolio" provided by article 2, paragraph 1, letter f) of ISVAP Regulation No. 14/2008 (by deleting the words: "the portfolio may not be…

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21.12.2020

IVASS, with order no. 101 of 2020, anticipates to 5 February 2021 the entry into force of simplification measures, foreseen by Provision no. 97/2020, in favour of intermediaries

By order No. 97 of 4 August 2020, IVASS completed the implementation in Italy of the rules on distribution of insurance investment products, aimed at pursuing the rationalisation and simplification of the…

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29.04.2020

Infection contracted during surgery. Health professionals are not liable if they follow the protocols.

The Judge in charge of preliminary enquiries (Giudice delle Indagini Preliminari) of the Criminal Court of Cosenza, with order issued on 26 March 2020, following the request of the Public Prosecutor,…

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23.03.2020

INSURANCE | Coronavirus and measures adopted by the supervisory authorities

Below are the main measures taken in response to the Coronavirus emergency, with reference to the insurance sector. 1. “Cura Italia” (“Healing Italy”) Decree (Law Decree No. 18 of 17 March 2020) Article…

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02.03.2020

Regulation (EU) 2019/2088: new information duties for ‘Green’ insurance‐based investment product

On 9 December 2019 Regulation (EU) 2019/2088 was published, which introduced new sustainability‐related duties to disclosure in the financial services sector. Such Regulation also applies to insurance…

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10.02.2020

Brexit: the Withdrawal Agreement between the United Kingdom and the European Union and its effects on UK insurers carrying on business in Italy

On the 1st February 2020, the Withdrawal Agreement between the United Kingdom and the European Union entered into force. The Withdrawal Agreement provides for a transition period (until the 31st…

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16.01.2020

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…

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20.12.2019

Insurers may raise a time-limitation objection of the claimant’s action

With judgement n. 31071 of 28 November 2019, the Italian Court of Cassation ruled on the insurer’s right to raise a time limitation objection as regards the claim brought forward by a third party against…

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11.12.2019

Goods in transit and cargo insurance: the clause requiring surveillance of the vehicle is lawful and not vexatious given that it aims at limiting the subject matter of the policy

With judgement n. 21758 of 2019 the Court of Cassation has again addressed the lawfulness of the clause contained in an insurance policy that makes coverage of the risk deriving from theft of goods subject…

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