Introduction
Evaluation of non-durable securities
Mystery shopping
On 30 August 2022, the Institute for the Supervision of Insurance (IVASS) published two regulations concerning:
Evaluation of non-durable securities
The first regulation relates to the Tax Simplification Decree,(3) concerning the possibility of evaluating non-durable securities based on the value resulting from the last annual financial statement.
The regulation implements article 45(3-octies), (3-novies) and (3-decies) of the Tax Simplification Decree, which – taking into account the exceptional situation of the financial markets – allows companies that do not apply the international accounting standards to deviate, in the current fiscal year as of the date of entry into force of the aforementioned decree, from the rules on the valuation criteria of "non-durable" securities set out under the Italian Civil Code.
IVASS has set out how to implement and enforce this option for Italian insurance companies that draw up financial statements in accordance with Legislative Decree No. 173/1997.
The second regulation implements the EU Consumer Protection Cooperation Regulations.(4) In particular, the regulation sets out provisions on the use of external agents for mystery shopping in order to achieve stronger consumer protection within the insurance sector.
The regulation applies to:
- Italian insurance companies and intermediaries;
- companies and intermediaries in the European Economic Area pursuing business in Italy under the freedom to provide services or the freedom of establishment regimes;
- Italian branches of companies with a head office in third countries; and
- other subjects and/or entities that carry out functions partially included in the operational cycle of insurance or reinsurance companies.
The aim of the new regulation is to set out the procedures to be followed when performing mystery shopping investigation activities, as well as the professional requirements, duties and fees of external agents that may be appointed by IVASS as "mystery shoppers".
For further information on this topic please contact David Maria Marino or Valentina Grande at DLA Piper Studio Legale Tributario by telephone (+39 02 80 61 81) or email ([email protected] or [email protected]). The DLA Piper Studio Legale Tributario website can be accessed at www.dlapiper.com.
Endnotes