Update on Interlocking criteria

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 first time when Article 36 of the so-called “Salva Italia” decree introduced the prohibition of holding positions between competing companies or groups operating in credit, insurance, or financial markets.

In 2018, following the amendment of Article 16, paragraph 1 of Law No. 287/90 (antitrust law) by Law No. 124/17, the Authorities reviewed the Applicative Criteria of the interlocking regulation.

Nowadays, another revision of the Applicative Criteria for the prohibition of interlocking is necessary as a consequence of the amendment introduced by Law No. 118/22 regarding the methods of how to calculate the threshold of turnover after which arises for banks, financial intermediaries, and insurance companies the duty to communicate the accumulation of position according to Article 16, paragraph 2 of Law No. 287/90 (antitrust law).

Regarding insurance companies, the amended regulatory framework establishes that «turnover is replaced by the value of gross premiums issued, which includes all amounts collected or to be collected under insurance contracts concluded directly by said companies or on their behalf, including premiums ceded to reinsurers, net of taxes or levies collected on the amount of premiums or the related overall volume».