UPDATES

IAIS – Public consultation on climate risk supervision

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 […]

IAIS – Public consultation on diversity, equity, and inclusion in insurance undertakings

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 […]

European Health Data Space: Agreement between the European Parliament and the Council of the European Union

On March 15, 2024, the European Parliament and the Council of the European Union announced that they reached an agreement on the text of the new Regulation on the European Health Data Space (EHDS). The EHDS aims to ensure improvements in access to and control over individuals’ electronic health data, thus allowing individuals to access […]

European Parliament Approves AI Act

On March 13, 2024, the European Parliament approved the AI Act (Artificial Intelligence Act, “Regulation“), the first general law on Artificial Intelligence. The body of the Regulation consists of more than 450 pages, 180 recitals, 113 articles and 13 annexes. The Regulation aims at regulating the development, provision and use of AI systems in Europe. It […]

New FATF Guidance on Beneficial Ownership and Transparency of Legal Arrangements

On 11 March 2024, the FATF (Financial Action Task Force) has published a New Guidance on Beneficial Ownership and Transparency of Legal Arrangements (“Guidance”).  The Guidance follows the February 2023 revisions to FATF Recommendation 25 on Beneficial Ownership and transparency of legal arrangements and updates the risk-based guidance for this Recommendation. The Guidance integrates the […]

IVASS – Analysis of IBIPs policies with ESG characteristics

On March 14th, IVASS (Institute for the Supervision of Insurance) published the results of the survey carried out on IBIP policies with ESG characteristics. Throughout 2023, the Authority acquired information from 18 insurance companies operating in the Italian market and providing policies with ESG characteristics. In particular, IVASS requested companies to give information on: (i) […]

Life insurance policies, the Constitutional Court says no to the short limitation period

The Constitutional Court, with judgement no. 32 of 29 February 2024, has declared as unconstitutional the version of art. 2952, paragraph 2 c.c. applicable between 2008 and 2012, that provided for a two-year limitation period for life insurance policies. The Constitutional judges explained that life insurance policies do not have an indemnity function with respect […]

The family pact

With Law no. 55/2006 the institution of the family pact has been introduced in the Italian Civil Code (articles 768-bis to 768-octies). This instrument allows entrepreneurs, with the express consent of all the legitimate subjects, to derogate from the prohibition of inheritance agreements and to implement a kind of “anticipated succession” in favour of only […]