Bank of Italy – intervention on anti-money laundering and counter-terrorism financing

With a note dated January 9, 2024, the Bank of Italy provides some clarifications regarding the application of the Provisions of March 26, 2019, as amended by the Provision of August 1, 2023, implementing the EBA Guidelines, concerning the organization, procedures, and internal controls on anti-money laundering. The note mainly addresses aspects related to the […]

Claims made clause, an escape hatch for the Company

The Italian Court of Cassation (Third Civil Section) has issued an order (published on February 2, 2024) stating the following principle: the Claims Made Clause contained in an insurance policy cannot be considered null and void for the sole fact that it provides that the insured party’s right is forfeited when the third party (injured […]

IVASS – Amendments and integrations to IVASS Regulation No. 52/2022

On February 23, IVASS (Institute for Insurance Supervision) published on its website the public consultation document containing proposals for the amendments of IVASS’s Regulation No. 52/2022 (hereinafter the “Regulation”) concerning the implementation of provisions in the temporary suspension of capital loss related to non-durable securities. The Authority aims at aligning the current regulation on capital […]

EIOPA – Report on consumer treatment and financial well-being

On January 23rd, EIOPA (European Insurance and Occupational Pensions Authority) released its report on consumer trends in 2023, which analyses inter alia the financial well-being of consumers – with regard to insurance and pensions – in the context of the cost of living crisis affecting them. The report reveals that one-third of consumers have renounced […]

Incentives for photovoltaic systems

The new decree to incentivise “AGRICULTURAL” plants including those with “any power capacity” comes into force on 14.2.2024 (‘AgriVoltaic Decree’) The “Agri-Voltaic Decree” was issued inter alia in consideration of the fact that: One of the targets to be achieved within 30 June 2026 is the installation of photovoltaic solar panels in agro-voltaic systems with […]

IVASS – Letter to the Market, 20 February 2024

On 20 February 2024, the Italian Insurance Supervisory Authority (“IVASS”) published a letter to the market outlining the timing and operational procedures for supervisory reports with reference to 2024 data or to be submitted in 2024 via the Infostat platform. In detail, these reports include Solvency II reporting and financial stability information; National surveys and […]

The new guidelines of the Italian Data Protection Authority on the conservation of metadata

On December 21, 2023, with Order No. 9978728, the Italian Data Protection Authority issued “Computer Programs and Services for the Management of Electronic Mail in the Workplace and the Processing of Metadata“‘ (so-called Guidelines). The Guidelines have raised interest with reference to their possible impact on Italian employers. Specifically, the Guidelines provide that whoever keeps […]

EBA – Sector inquiry on classification techniques of ESG risks exposures

On January 29th, the European Banking Authority (EBA) launched an inquiry to gather feedback from credit institutions regarding their current techniques for classifying exposures to environmental, social and governance (ESG) risks, to assess the feasibility of introducing a standardized methodology. In accordance with Article 501-quater of Regulation (EU) no. 575/2023, as amended based on the […]

IVASS – Updated instructions on the POLDO procedure

On 12 February, IVASS (the Institute for the Supervision of Insurance) issued instructions for the electronic transmission of data concerning the payments related to dormant policies, to be carried out through the Infostat platform. Following the Letter to the Market of 25 January, 2024 (Prot. No. 0023887/24), which announced the new procedure for transmitting data […]

Why choosing arbitration in maritime labor law disputes?

Law no. 183/2010, the so-called “Attachment to the Labor Legislation”, has introduced, inter alia, new provisions in relation to arbitration. In particular, law no. 183/2010 generally aims at ensuring the increase of recourse to arbitration, by extending its scope of application. In particular, arbitration brings several advantages to the parties, also with regard to labor law disputes. The […]