ISVAP Regulation - Equal Treatment
ISVAP REGULATION ABOUT EQUAL TREATMENT BETWEEN MEN AND WOMEN ACCORDING TO INSURANCE SERVICES ACCESS
On May 12, 2009 ISVAP delivered, implementing EEC directive n. 2004/113, Regulation no.30, providing dispositions about the equal treatment between men and women in insurance services.
The regulation applies to Italian insurance companies and those companies operating on the Italian market according to the establishment principle. In particular, Art. 5 of the Regulation states the possibility to apply proportional differences concerning the premium or individual services in the event that the sexual factor is determining for risk evaluation, provided that such differences are due to clear and proved statistics.
Specific performances are stated for life insurance and mandatory civil liability insurance for motor-vehicles and watercrafts: the actuary charged with drafting the technical report must provide a certification proving conformity with said regulation. Furthermore, when defining new premium rates, in the event that premium differences or cover differences are not proved by statistics, the actuary must immediately inform ISVAP.
Finally, within 31 March of each year, insurance companies are requested to file a summary report about life and non-life insurance rates.
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