UPDATES

Generative artificial intelligence in the insurance sector: what does the future hold?

The possible applications of generative artificial intelligence in insurance are often discussed. AI promises to optimise internal processes and create highly personalised customer experiences, revolutionising companies’ operations and interaction with customers. Over the past decade, advanced technologies such as machine learning and artificial intelligence have been studied and implemented by companies around the world. Efficiency […]

The role of the Captain in the construction, purchase & sale and refit of a yacht

 Introduction The Captain’s role consists of running the crew, overseeing the technical conditions of the yacht, making sure that the yacht is secure and safe in compliance with the relevant international maritime regulations. In addition, pursuant to article 295 of the Italian Navigation Code and the 2006 Maritime Labor Convention, the Captain is the legal […]

IVASS – Proxy Platform to access New Intermediary register

Starting from June 4, 2024, the new Single Register of Intermediaries (RUI) will be officially operational, allowing intermediaries and insurance companies to directly enter and update their own data in the IVASS’ RUI. To this end, it is necessary that (i) the legal representatives of intermediary companies registered in sections A, B, and D of […]

Bank of Italy – Review of controls for objective communications

The Bank of Italy, together with the Financial Intelligence Unit (UIF), has issued a press release regarding the revision of the automatic control system performed during the acquisition of Objective Communications, which are made mandatory by the UIF in order to periodically transmit data and information selected based on objective criteria, concerning transactions at risk […]

ESMA – Criteria for the use of ESG terms in fund names

On 14 May, ESMA (European Securities and Markets Authority) published guidelines for funds that use ESG terms or other sustainability-related terms in their names. ESMA emphasized that a fund’s name is a marketing tool that conveys information about the fund. Therefore, to better protect consumers and prevent them from being misled by greenwashing practices, the […]

IVASS – Letter to the market of 9 May

With letter to the market addressed to health insurance companies with legal headquarters in Itay, published on 9 May, IVASS announced the start of a survey on collective contracts in the health sector, distinguishing those signed by health funds or similar entities from those signed by organizations of a different nature. Companies with legal headquarters in […]

The employee has the right to access his file to know the information underlying a disciplinary sanction

With decision no. 137 of March 7, 2024, the Italian Data Protection Authority confirmed that employees have the right to access their data held by employers, regardless of the reason for the request. This principle was confirmed following a complaint by a former bank employee who had requested access to her personal file to understand […]

IVASS – Instructions for the transmission and collection of MOINV data

On April 29th, IVASS (Institute for Insurance Supervision), following the Market Letter of February 20th, published the “Instructions for the electronic transmission of data for the Infostat collection of information related to investment monitoring and life premium collection (MOINV)”. The document is addressed to all companies based in Italy and the secondary offices established in […]

EIOPA – Supervision on compliance with the “principle of the prudent person”

On May 2nd, EIOPA (European Insurance and Occupational Pensions Authority) published the results of the review conducted on the supervision by the National Supervisory Authorities regarding the application and compliance with the “principle of the prudent person”. The European Authority emphasized that this principle is of particular importance within the Solvency II regulatory framework, as […]