On 16 March 2023, IVASS has published a further letter to the market regarding dormient policies. The letter is addressed to the following insurance companies:
- companies conducting life and/or accident insurance business, with registered office in Italy;
- Italian branches of companies with registered offices in a non-EEA country;
- companies, having their registered office in another EEA Member State, carrying out activities in Italy, under the freedom of establishment or the freedom to provide services.
The letter follows a previous letter of 6 December 2022, in which IVASS requested the companies to provide a list of the tax codes of insured persons, in order to verify potential deceases of the insured by cross-referencing the information with the Register of the Italian Tax Authorities. The results have been communicated to the insurance companies in January 2023 to allow the latter to pay, if due, the insurance benefits to the beneficiaries.
In order to verify the status of these payments, IVASS is now asking the insurance companies to file a report on their activities regarding the dormant policies within 30 June 2023.
In addition and only with reference to life insurance policies, companies have been requested to compile the excel file attached to the letter. Based on this information, IVASS will proceed to verify the payment status of dormient life and accident policies.