The Italian Data Protection Authority has issued an injunction against Deliveroo Italy S.r.l. (Order No. 285 of 22 July 2021), for the unlawful data processing of 8,000 riders. In addition to prescribing corrective measures to be implemented within a specific timeframe, the Authority also imposed a fine of €2.5 million on the Company. The measure was issued due to […]
On 9 July, the new Guidelines adopted by the Italian Data Protection Authority on cookies and other tracking systems were published in the Official Journal. The final text results from the examination of the various contributions collected during the months of public consultation, which ended on 9 January. The primary purpose of the Guidelines is to provide an overview of […]
By letter to the market of 28 July 2021, IVASS has fully acknowledged the content of the EIOPA Opinion on risk mitigation strategies. In fact, a study carried out by the European Insurance and Occupational Pensions Authority has shown that – since the entry into force of Solvency II – European insurers have increasingly resorted […]
Following Law Decree no. 34/2019 (so-called “Decreto Crescita”) converted into Law no. 58/2019 and the establishment of the Fintech Committee at the Ministry of Economy and Finance for constant comparison and coordination among Bank of Italy, CONSOB, IVASS and Mef, an important innovation in the Italian techno-finance landscape is coming. Indeed, as stated in a […]
By letter to the Market of 14 July 2021, IVASS spoke on investments in complex and/or illiquid financial instruments, providing guidelines that the supervised companies must follow when carrying out these activities. Since Solvency II came into force, and because of its induced prudential approach, financial investments have recorded particularly low or even negative interest […]
IVASS has recently published Regulation no. 48 of July 13, 2021, containing the implementing regulations for the capital increase process (so-called capital add-on) envisaged by articles 47-sexies and 216-septies of the CAP. The use of the capital add-on tool is aimed at ensuring that the regulatory capital requirements adequately reflect the global risk profile of […]
Following the public consultation started on December 11, 2019, the new Regulation no. 111/2021 is currently under publication in the Official Journal of the Italian Republic. Such Regulation envisages amendments to Regulation 44/2019 on internal organization, procedures, and controls as well as provisions on risk mitigation procedures. Specifically, the Regulation, limited to the life insurance […]
On 2 July 2021, the Italian Data Protection Supervisor presented to Parliament its annual report on its activities in 2020. In the year of the pandemic, the social distancing imposed to prevent the Covid-19 contagion has led us to digitalize most of the fundamental aspects of our lives, from social relations to the performance of […]
On July 1, 2021, when presenting the “Report on the activities carried out by the Institute in 2020“, President Luigi Federico Signorini highlighted the importance of consumer protection within the insurance business, also focusing on the needs of the “simplification of the rules for the protection of customers“. In this context, he stated that IVASS […]
On June 23, 2021, the Regional Administrative Court of Lazio upheld the appeal filed by S.N.A. (National Union of Insurance Agents) and voided certain provisions of IVASS Order no. 97/2020. The Syndicate’s objections essentially concerning violation of the law and excess of power by the Institute in relation to art. 4 of IVASS Order no. […]
