Following the public consultation launched on 18 March 2014, IVASS published today Regulation No. 8 of 3 March 2015 concerning measures to simplify the administration of contractual relationships between insurance undertakings, intermediaries and clients ("Regulation 8"). Regulation 8 implements Article 22, paragraph 15-bisof Law Decree No. 179 of 18 October 2012, as converted into law (the so called "Growth Decree") which required IVASS to enact measures aimed at reducing the paper format requirements and promoting the use of digital documentation. Below are the main relevant provisions set out by Regulation 8:
- Italian and EU insurance undertakings and intermediaries (the"insurance undertakings and intermediaries") are required to foster the use of advanced electronic signature, qualified electronic signature and digital signature for the execution of the insurance agreements;
- in line with Article 15, paragraph 4 of the Growth Decree aimed at promoting the use of traceable means of payment, insurance undertakings and intermediaries must allow clients to pay insurance premiums by means of electronic payment instruments;
- before the execution of the agreement or the signing of the proposal, insurance undertakings and intermediaries may obtain the client's consent – also through voice recordings or email - to the electronic transmission of the relevant documentation during both the pre-contractual and contractual phase of the relationship with the client;
- insurance undertakings and intermediaries must adopt a documentation management system aimed at avoiding requests to clients of documentation which is not necessary or which has been already obtained in relation to previous relationships with the same client;
- Italian insurance undertakings and intermediaries must obtain a certified e-mail account (Posta Elettronica Certificata or "PEC") and indicate the PEC address in any communication addressed to the public and on their website.
Insurance undertakings and intermediaries will have 6 months from the entry into force of Regulation 8 (which shall occur 30 days from publication in the Italian Official Gazette) to comply with the new provisions regarding the PEC address and the establishment of the above-mentioned documentation management systems.
Please click here to download Regulation 8 (available in Italian only).