On April 29 2011 ISVAP, Italy's insurance regulator, announced a further analysis of the market for insurance policies connected to loans and financing agreements. The aim of the analysis is to collect updated information on the cost structure of such policies.
The open letter on ISVAP's website is addressed to:
- life insurance undertakings with registered offices in Italy;
- non-life insurance undertakings with registered offices in Italy; and
- Italian branch offices of non-life insurance undertakings with a registered office in a third country.
The undertakings concerned are asked to provide ISVAP with a detailed report on the distribution agreements in place as of December 31 2010 with regard to the policies in question, including the data requested in the same letter. The deadline for submitting such information is May 23 2011.
For further information on this topic please contact David Maria Marino at DLA Piper Italy by telephone (+39 02 80 61 81), fax (+39 02 80 61 82 01) or email ([email protected]).