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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
Buying a supercar or a full racing track car may be a rather complex procedure that involves controls on many different aspects concerning title, ownership, identity of the vehicle, possible claims and, of course, technical issues. The purchase of a supercar or of a racing car that has previously raced in F1 or other similar […]
The IAIS (International Association of Insurance Supervisors) launched several public consultations proposing amendments to the Insurance Core Principles (ICP) guidelines and their related supporting implementation documents. The Authority aims to provide tools that better enable the analysis of climate risk that may cause a financial risk that impacts the resilience of individual insurers. Therefore, on […]
With Law No. 2131 of December 30, 2023, also known as the “2024 Budget Law,” the exemption from the application of withholding tax on fees received by insurance intermediaries has been repealed. Starting from April 1st, 2024, a withholding tax with a rate of 23% will be applied – on 50% of the commission fees […]
The IAIS (International Association of Insurance Supervision) launched a public consultation on March, 14 concerning the supervisory application document focusing on diversity, equity, and inclusion (hereinafter referred to as “DEI”) profiles of the insurance companies. The document in public consultation highlights how respecting the DEI profiles is relevant to corporate governance and risk management and […]
