On March 27, IVASS (the Institute for the Supervision of Insurance) published the Consultation Document no. 2/2024 containing the draft of a regulation on insurance contracts pursuant to Article 41 of the CAP, so-called unit-linked contracts. On the same date, the outcomes of the public consultation on the regulation draft on insurance contracts no. 3/2022, to which Consultation Document no. 2/2024 refers, have been published.
The Consultation Document no. 2/2024 partially incorporated the observations made, modifying the original proposal outlined in Consultation Document no. 3/2022.
IVASS emphasizes that the purpose of the newly formulated provisions is to ensure adequate coordination and consistency of the regulation regarding assets – to which the benefits of such categories of contracts may be linked – with legislative interventions over time at national and EU levels.
The draft Regulation consists of 40 articles, divided into 4 parts:
- general provisions,
- unit-linked policies,
- index-linked policies, and
- final provisions.
In two attachments to the regulation draft, the drafts of the statement of internal funds related to the financial and income situation are provided.
Regarding the scope of application, IVASS underlines that the provisions – with some exceptions – “also apply to European players, with the aim of ensuring a levelled playing field between Italian operators and operators from other Member States placing [unit or index] linked products on the domestic market, if compatible with the European regulatory framework in force”.
All comments and proposals regulation draft in public consultation may be sent to IVASS within May 27, 2024, using the email address provided on the Authority’s website and the provided table in Word format.