Obligation to enter the Register of Beneficial Owners back in force: TAR dismisses all petitions

Today (April 10, 2024) the Lazio Regional Administrative Court (“TAR”), in six judgments (6837, 6839, 6840, 6841, 6844, 6845) delivered its opinion on the Register of beneficial owners referred to in Article 21, paragraph 3, of Legislative Decree No. 231/2007, rejecting all petitions which had been filed by some fiduciary management companies which alleged the […]

Is the insurance company always obliged to pay the “legal defence costs” in favour of the insured?

In ruling no. 4275 of 16 February 2024, the Italian Court of Cassation, addressed once again the subject of ” legal defence costs ” in  liability proceedings, confirming its previous rulings (precisely: ruling no. 26683 of 15 September 2023 and ruling no. 21290 of 5 July 2022). In the proceeding brought against a decision of […]

IVASS – Published Delegated Regulation (EU) 2024/896

On March 21, IVASS published on its website Delegated Regulation (EU) 2024/896 (approved on December 5, 2023), which has amended Directive (EU) 2016/97 on the distribution of insurance products “IDD”. Following the amendments, the IDD Directive has provided that insurance and reinsurance intermediaries will be required to take out a policy or a similar guarantee […]

Italian Data Protection Authority: Fines on Five Companies for Using Facial Recognition in the Workplace

With Decisions nos. 105, 106, 107, 108, 109 of 22 February 2024, The Italian Data Protection Authority (‘IDPA’) sanctioned five companies (with fines up to €70,000.00) for unlawful processing of biometric data of a large number of employees, and specifically for using facial recognition systems to check the presence of employees in the workplace. These […]

IVASS – Market Letter on POG

On March 27, IVASS (the Institute for the Supervision of Insurance) published a letter to the market addressed to insurance companies with registered offices in Italy, for branch offices, located in Italy, of companies with registered offices in third states and de facto producers, regarding the governance and control of insurance products – Product Oversight […]

IVASS – Consultation Document No. 2/2024

On March 27, IVASS (the Institute for the Supervision of Insurance) published the Consultation Document no. 2/2024 containing the draft of a regulation on insurance contracts pursuant to Article 41 of the CAP, so-called unit-linked contracts. On the same date, the outcomes of the public consultation on the regulation draft on insurance contracts no. 3/2022, […]

IVASS – Consultation Document no. 3/2024

On March 28, IVASS (the Institute for the Supervision of Insurance) published the Consultation Document no. 3/2024 containing amendments and additions to ISVAP Regulation No. 38/2011 concerning segregated funds (“gestione seperata”). ISVAP Regulation no. 38/2011 provided for a single method of calculating the average yield rate of segregated funds, attributing all gains and losses realized […]

Bank of Italy – Analysis on the relevance of operational risks for businesses

In the first months of last year, the Bank of Italy conducted an analysis regarding the relevance of operational risks for Italian banks and their related insurance coverage for businesses. Among the results published on March 14th in a note on the authority’s website, emerged that in the granting of financing to businesses, banks do […]