UPDATES

EBA – Payment fraud

On April 29th, the European Banking Authority (EBA) published an opinion on new types of payment fraud, in accordance with Regulation (EU) No. 2093/2010, which assigns to the Authority the task of developing a coordinated approach to the regulatory treatment and supervision of new or innovative financial activities. Within the document, the EBA assesses the […]

ESMA – Restrictions on Liability Driven Investments (LDI)

On April 29, the European Securities and Markets Authority (ESMA), published its response to the query brought by the Central Bank of Ireland (CBI) and the Commission de Surveillance du Secteur Financier (CSSF). ESMA welcomed the Authorities’ intention to apply restrictions to alternative investment funds (AIFs) in GBP that are employing an LDI strategy and […]

Implementing decree of Law No. 193/2023 on oncological oblivion

On April 24, 2024, the implementing decree issued by the Minister of Health (the “Decree”) to Law No. 193/2023 on oncological oblivion (“Law No. 193/2023”), approved last December, was published in the Gazzetta Ufficiale (Official Gazette of the Italian Republic). As provided for under Article 5 of Law No. 193/2023, with the Decree, the Minister […]

Who bears the burden of proof on negligence?

By the order n. 6792 of 14 March 2014, the Supreme Court of Cassation has clarified that the judgment regarding the non-performance of a professional activity consists of two steps: the first relates to the performance of the professional activity, the second to having performed the professional activity in accordance with the rules of diligence […]

ESAs – Public consultation on supervisory activity under DORA

On April 18 2024, the European Supervisory Authorities (EBA, ESMA, and EIOPA, collectively the “ESAs”) launched a public consultation on the draft Regulatory Technical Standards (RTS), concerning the conduct of supervisory activities related to joint examination groups under Regulation (EU) 2022/2554 (Digital Operational Resilience Act, DORA). The regulatory technical standards (RTS) – developed in accordance […]

New instructions for financial data transmission

On April 17, 2024, IVASS published instructions regarding the electronic transmission of data related to the consolidated annual financial statements and additional information, as established under Articles 26 and 27 of ISVAP Regulation No. 7/2007 (amended by Provision No. 121 of June 7, 2022), providing clear guidance for insurance companies. The instructions clarify how to […]

IVASS – Confconsumatori on life insurance policies: Branch I, Branch III, and regulatory perspectives

On April 18-19 2024, a meeting of the association Confconsumatori with the title “Generation F: comparisons, reflections, and ideas for a more sustainable financial and insurance future”, dedicated to the financial and insurance future of citizens took place in Parma. During the first day, inter alia, the theme of life insurance policies Branch I, Branch […]

Conflict between privacy and the right of access to documents: the TAR Puglia decision

A new chapter opens in the debate between privacy and access to documents, with an insurance company filing an appeal against a Local Health Authority (ASL) for rejected access to documents concerning a road accident. The company insisted on the importance of reviewing the recording of a call to emergency services (118) to verify the […]

CONSOB – Macroprudential approach to asset management

On April 15, 2024 , CONSOB (“National Commission for Companies and the Stock Exchange”) published on its website a press release jointly adopted with the Spanish, French and Austrian Supervisory Authorities, Comisión Nacional del Mercado de Valores (CNMV – Spain), the Autorité des marchés financiers (AMF – France) and the Finanzmarktaufsicht (FMA – Austria), concerning […]

The importance of demographic risk in determining the insurance nature of unit-linked policies

With decision No. 9418/2024 of April 9, 2024, the Italian Supreme Court ruled again on the nature of unit-linked policies. The ruling, recalling the previous cases law on the point, highlighted that unit-linked policies, to be qualified as an insurance product, must contain a demographic risk consisting of an event linked to human lifespan, upon […]