ISVAP Regulation no.5/06
On February 9, 2009, the public consultation procedure related the proposed amendments to IVSAP Regulation no. 5/06 on insurance and reinsurance activity was concluded.
The main expected amendments concern:
- The definition of "person in charge with intermediary activity";
- The modalities of enrollment, re-enrollment and cancellation with/from the Register of Intermediaries;
- The regulation of the so-called "direct management" of the activity that can be conducted by the insurance company in case of termination of the relationship with the agent;
- New monetary thresholds for receiving cash payments of premiums;
- New rules concerning the pre-contractual information, in particular the delivery of forms 7A and 7B;
- The rules on the separation of the insurance companies' and intermediaries' accounts (in particular the extension from five to ten days of the term for the payment of the premium in the separate account);
- Disciplinary sanctions.
The amended version of the regulation shall also provide for the simplification of intermediaries' qualifying exams and the keeping of contractual documentation.
ISVAP has not disclosed neither the results of the public consultation, nor the expected date for the definitive adoption of the Regulation, yet. However, it is to be hoped that ISVAP will issue the new regulation as soon as possible in order to simplify the requirements on intermediaries, without reducing the protection of the insured.
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