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28 June 2016
At the end of a long discussion with ANIA (the domestic association of insurance companies) and consumer and broker associations, IVASS (the Italian insurance regulator) published Consultation Document 10/2016, which includes a proposal to amend Regulation 35/2010 on the disclosure duties to proposers and advertising of insurance products.
The proposed amendments concern:
The regulatory measure expressly follows the new EU legislative framework on disclosures and product information under EU Directive 2016/97/EU on insurance distribution, which must be transposed by 2018.
The new information note shall be shorter and uses language that is easier to understand than its predecessor. Pursuant to revised Article 31, the pre-contractual and contractual documentation prepared by undertakings must:
Standard information notes shall be divided into specific sections, including:
In line with EU Directive 2016/97/EU, undertakings may prepare a customised summary document (in addition to the information note), containing a brief description of the agreement's main points.
From a simplification perspective, the information note contains no reference to the policy conditions and legislative references are limited to cases that are strictly necessary.
In addition to contracts covering large risks, it will no longer be necessary to submit an information note when an agreement is stipulated by legal persons and negotiated separately, based on the fact that in such an event the policyholder plays an active role in defining the bargaining regulation and therefore requires less protection.
The information note and policy conditions may also be submitted via email or through a company website, subject to the prior consent of the policyholder. In this context an undertaking shall:
Observations and comments on the amending proposals had to be submitted to IVASS by June 20 2016.
For further information on this topic please contact David Maria Marino at DLA Piper Italy by telephone (+39 02 80 61 81) or email (email@example.com). The DLA Piper website can be accessed at www.dlapiper.com.
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