IVASS – Public Consultation of the Draft Regulatory Order Amending the Provisions on Requirements and Eligibility Criteria for Exponents and Those Performing Key Functions

On 12 July 2023, IVASS published the draft Regulatory Order amending the provisions of Reg No. 29/2016 and No. 38/2018 concerning the requirements and eligibility criteria for those carrying out the role as company representatives and also those who perform key functions in public consultation. The measure composed of 6 articles has the purpose of […]

IAIS – Public Consultation on ICP 14 (Valuation) and ICP 17 (Capital Adequacy)

The International Association of Insurance Supervisors (IAIS) has launched a public consultation on the Insurance Core Principles (ICPs). ICPs are the fundamental principles for insurance – adopted for the first time in 2011, and from time to time updated – that represent, on a global level, standards and guidelines adopted in the field of insurance […]

Buying or Chartering a Yacht Using Cryptocurrency: What are the relevant issues?

Introduction The phenomenon of cryptocurrency and crypto technology and their relevant use in various industries is becoming more and more popular in recent years and its increase is occurring in a remarkable way. The yachting industry has also been positively affected by the use cryptocurrency. In fact, we have already witnessed the occurrence of yachts’ […]

Anti-Money Laundering in The EU Financial Sector: EBA Publishes Fourth Biennial Opinion

On 13 July 2023, the European Banking Authority (EBA – hereinafter also referred to as the “Authority”) published its fourth biennial opinion on the risks of money laundering and terrorist financing in the EU financial sector (EBA/Op/2023/08 – hereinafter also referred to as the “Opinion”). EBA has issued the Opinion in accordance with the Article […]

IVASS – Letter to the Market on the Preventivass Service

On 18 July 2023, a Letter to the Market was published to provide interpretative and operational clarifications regarding IVASS Regulation No. 2022/51 (the “Regulation“), setting forth provisions concerning the implementation of an online matching system between insurance undertakings operating in Italy in the Branch motor vehicle liability. Article 5 of the Regulation provides that insurance […]

First Joint Mystery Shopping Exercise Coordinated by Eiopa

EIOPA will coordinate the first joint mystery shopping exercise on insurance sales in some EU countries. In this experiment a so-called “mystery shopper”, i.e. a specially trained employee acting as a potential customer, assesses the customer experience in practice and experiences the key stages of a product’s life cycle, both through actual visits to the […]

IAIS – Final Consultation for Adoption of 2024 Insurance Capital Standard

On 23 June 2023 the International Association of Insurance Supervisors (IAIS) launched the fourth and final public consultation on the Insurance Capital Standard (ICS), prior to its planned adoption in December 2024. After decades of development and three consultations, the ICS should be adopted as a prescribed capital requirement (PCR) for Internationally Active Insurance Groups […]

Data Protection and Cross-Border Cases: European Commission Proposes New Rules

On 4 July 2023, the European Commission presented a proposal for a regulation aimed at establishing new procedural rules to facilitate the application of Regulation (EU) 2016/679 (GDPR) on the protection of personal data in cross-border cases, i.e. in cases where the affected individuals are located in more than one Member State, with the consequent […]

The Requirement of Simple and Clear Wording in Insurance Contracts

On 26 June 2023 at the most recent workshop organised by IVASS, the Authority presented the results of the  survey on the simplification and clarity of insurance contracts. The clarity and simplification of policy wording is not a new issue for IVASS. In fact, Ivass: has already addressed this aspect in 2018, publishing the “Simple […]