IVASS – Letter to the Market on the Preventivass Service

On 18 July 2023, a Letter to the Market was published to provide interpretative and operational clarifications regarding IVASS Regulation No. 2022/51 (the “Regulation“), setting forth provisions concerning the implementation of an online matching system between insurance undertakings operating in Italy in the Branch motor vehicle liability.

Article 5 of the Regulation provides that insurance companies shall publish a disclosure on the content and methods for the consultation of Preventivass, i.e. an IVASS online service for the comparison of base rates of motor vehicle liability policies offered by different insurance companies, on their websites. This disclosure has to be placed clearly visible on the home page of the websites.

Following investigations, IVASS found that several insurance companies have failed to meet their obligations with regard to the placement and content of the disclosure referred to in Article 5 of the Regulation.

By means of its letter to the market, the Authority intends to provide clarifications for a better understanding of the Preventivass service and the content that shall be indicated in the disclosure.

IVASS clarified that the access to Preventivass can be made directly from the company’s website through the so-called “branded” channel. In this case, the company must make it clear that the branded link will only provide the quote of the company from whose site the customer has accessed the Preventivass tool.

Finally, IVASS has pointed out that in the event of a lack of data which prevents the quote from being issued, the company is obliged to send a communication to the applicant within 5 minutes of receiving the request.