On 26 July, the Italian Institute for the Supervision of Insurance (IVASS) published a market letter on its website providing clarifications on the obligations under Council Regulation (EU) No. 269/2014 of March 17, 2014 (the “Regulation”). IVASS reiterates that the prohibition to “make available, directly or indirectly, funds or resources to individuals or legal persons, […]
After identifying a gap in crisis management frameworks that could lead to a lack of coordination in the financial sector during a significant cross-border incident related to information and communication technologies (ICT), the European Systemic Risk Board (ESRB) recommended that the European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) leverage the role outlined […]
With ruling no. 17415 of 25 June 2024, the Italian Court of Cassation reaffirmed the important principle of “social contact liability” in the field of banking, this, without the need for a contractual relationship. According to the Italian interpretation of “social contact”, the relationship established between Banks and account holders, especially when the latter are […]
On 17 July, the Institute for Insurance Supervision (IVASS) published Consultation Document No. 6/2024, containing amendments to ISVAP Regulation No. 13/2008 (hereinafter the “Regulation”). The amendments aim to align the content of the Regulation with the new regulations regarding the dematerialization of the insurance certificate (which will be replaced by electronic or telematic systems to […]
On 17 July, the Institute for Insurance Supervision (IVASS) launched a public consultation on the draft measure amending IVASS Provision No. 79/2018 (the “Provision”) regarding the criteria for calculating costs and any deductibles for determining compensation between insurance companies in the event of direct compensation. IVASS intends to amend Annex 1 of the Provision by […]
On 17 July, the Institute for Insurance Supervision (IVASS) published consultation document No. 4/2024, which contains proposals for amendments and additions to IVASS Regulation No. 36/2017 (“hereinafter the Regulation”) on the new methods for the transmission of data flows in relation to the IPER motor vehicle survey. The consultation document, which consists of 3 articles, […]
On 12 July, IVASS launched the Natural Catastrophe Risk and Sustainability Monitoring for the year 2024. The survey aims to collect qualitative and quantitative data to mitigate the risks associated with climate change. On the IVASS website, undertakings will find the necessary instructions for filling in and submitting data via the Infostat platform, as well […]
On 15 July, the International Association of Insurance Supervisors (IAIS) launched a public consultation on climate risk supervisory guidance. Climate change, as a source of risk that could have an impact on the insurance market, has always been a key issue for the IAIS. For this reason, the IAIS considers it important to adopt a […]
With ruling no. 18518/2024 of July 8, 2024, the Italian Supreme Court of Cassation formulated and reaffirmed the following important legal principle regarding the liability of Public Entities under Article 2051 of the Civil Code: “In matters of liability pursuant to Article 2051 of the Civil Code, the injured party bears the burden of proving […]
On July 2, the European Insurance and Occupational Pensions Authority (EIOPA), in accordance with Article 29, paragraph 1, letter a) of Regulation (EU) 1094/2010, published an opinion on captive insurers con its website, with particular attention to intragroup operations and the application of the “prudent person principle”. The document is addressed to the competent supervisory […]
