On March 5, IVASS issued Provision no. 142/2024 amending the Regulations no. 29/2016 and no. 38/2018. The Provision updates the criteria and eligibility requirements for officers and directors of insurance and re-insurance companies as well as the procedure that undertakings shall follow to assess the requirements of officers and directors. Article 1 of the Provision […]
The new legislation on mandatory insurance for the civil liability of motor vehicles, amending the Private Insurance Code (CAP) and aligning the national regulations with EU Directive 2021/2118 has been approved. The new regulations introduce the obligation to take out civil liability insurance for all vehicles, even for those that are parked or vehicles traveling […]
The new law decree no. 227/2023 has been published in the Official Journal on February 5, 2024. The new decree regards the yachting professional qualifications for seafarers embarked on pleasure vessels carrying out chartering activities and on other vessels carrying out chartering activities for touristic purposes. In particular, the law decree no. 227/2023 regulates: The […]
By Order no. 2350 of 24 January 2024, the Court of Cassation established that auditors (of a Company) are required to carry out regular inspections and supervisory activities in order to safeguard not only the membership of the Company, but also creditors. For example, by avoiding any delay in the Company being officially declared bankrupt. […]
By Order No. 81 of 8 February 2024, the Italian Data Protection Authority sanctioned Enel Energia for more than EUR 79 million due to its failure to comply with its obligations to duly process the data of many users for telemarketing purposes. The case originates from previous investigations carried out by the Italian Financial Police […]
On February 16, the Institute for Insurance Supervision (IVASS), the Bank of Italy, and the National Commission for Companies and the Stock Exchange (CONSOB), in agreement with the Competition and Market Authority (AGCOM), released on their respective websites the update criteria for the prohibition of interlocking. The Authorities addressed the issue in 2012 for the […]
On February 27, the Bank of Italy and the Consob (National Commission for Companies and the Stock Exchange) entered into a memorandum of understanding to strengthen the collaboration between the two authorities in supervisory activities. The agreement has the scope to allow authorities to promptly have updated information on circumstances or facts concerning the entities […]
With Decision No. 99878885 of February 22, 2024, the Italian Data Protection Authority (the “Authority”) has launched a public consultation on the issue of the time – limit to preserve the metadata of workers’ e-mails (day, time, sender, recipient, subject, size of e-mail). This decision has come in the wake of numerous perplexities raised by Authority’s Decision No. […]
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 […]
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 […]
