The recently published IVASS Provision no. 150 of September 25, 2024, has introduce important changes and additions to Ivass Regulation No. 36 of February 28, 2017. This Provision updates submission of data regarding the pricing for motor vehicle liability insurance (RC auto) for motorcycles and mopeds. The amendments are limited to private use of said […]
The three European supervisory authorities, EBA, EIOPA, and ESMA, have announced the appointment of Mr Marc Andries as head of their new joint directorate responsible for overseeing critical third-party providers, which has been established under the Digital Operational Resilience Act (DORA). Mr Andries has taken on the role of DORA Joint Oversight Director as from […]
By order of 26 August 2024, the Court of Milan confirmed the possibility for the injured party, to take a legal action directly against the Insurance Company as it is provided for the Gelli-Bianco Law (Law no. 24/2017). In particular, the judge established that after the entry into force of the Ministerial Decree 232/2023, the […]
On September 20, IVASS President Luigi Federico Signorini spoke at the ANIA conference “Disaster Risk Financing: the role of insurance for new public-private partnerships”, where he addressed the issue of managing risks related to climate change. The President highlighted that in 2023, damages caused by floods, fires, and storms exceeded 13 billion euros, emphasizing the […]
On September 17, the Institute for the Supervision of Insurance (IVASS) published on its website Consultation Document No. 7/2024, containing the amendments the institute intends to make to ISVAP Regulation No. 7 of July 13, 2007, concerning the accounting schemes for insurance and reinsurance companies. The Document aimed at improving the transparency and comparability of […]
The European Commission services in charge of the implementation of the Digital Markets Act (DMA) and the European Data Protection Board (EDPB) have started a close collaboration to provide clarification and guidance on the interaction between the DMA and the General Data Protection Regulation (GDPR). This strengthened dialogue between the two institutions aims to clarify […]
With Orders No. 148/2024 and No. 149/2024, IVASS has fixed the amount and modalities for the payment of the supervisory fee for the year 2014 due by intermediaries registered into the Register of Insurance and Reinsurance Intermediaries and intermediaries with legal residence in an EEA state. The amounts to be paid vary depending on whether […]
With judgment no. 2776 dated January 30, 2024, the Italian Court of Cassation once again ruled on medical malpractice liability. In the case under review, a patient died due to an intestinal perforation during a colonoscopy, which was followed by a septic infection. According to the Court of Cassation, while the patient’s pre-existing medical condition […]
In a recent report, the Organization for Economic Cooperation and Development (hereafter, “OECD”) observed that the digitization of financial services has boosted productivity. OECD studies show that a 10 percent increase in financial sector digitization corresponds to a 0.1 percent increase in productivity growth. To ensure further growth, the OECD calls for: – increase investment […]
The Financial Conduct Authority (hereafter just “FCA”), the British Supervisory Authority, intends to launch a market study into how pure protection insurance products are sold; the “pure protection” products are designed to help individuals and their families with their finances should the policyholder die or become unable to meet their financial commitments in case of […]
