The association of Italian insurers, ANIA, has told the market that ISVAP, the Italian regulator, is going to publish a further version of the proposed regulation on the transparency of insurance (life and non-life) policies, which ISVAP has been consulting upon since November 2007.

In particular, ANIA say that ISVAP has made additional changes to the latest version of the regulation published on their website and the regulator is therefore considering whether to start a fresh consultation or publish a final, binding, version of the regulation.

The market is looking forward to seeing a definitive version of this regulation approved, as long as this will provide the necessary detail of the information which should be provided to policyholders during pre-contractual negotiations, as well as the format of any pre- and post-contractual documentation for both life and non-life policies and the principles which should govern the advertising of insurance products.

A likely consequence of the final enactment of the regulation will be that insurers will completely review both their life and non-life products (both the format and content) and consider reviewing their procedures for the delivery of information (eg in case of group policies, the proposed regulation now provides that the full set of documentation should be delivered to the insured as well as the policyholder).