On August 30 2017 IVASS, the Italian insurance regulator, published a Consultation Document 3/2017, which includes a proposal to amend Regulation 35/2010 on the disclosure duties for proposers and the advertising of insurance products. IVASS had previously published Consultation Document 10/2016 on the same matter.
The second consultation document's publication follows the recent approval of EU Regulation 2017/1469 and sets out a standardised presentation format for insurance product information documents (IPIDs).
Consultation Document 3/2017 supersedes Consultation Document 10/2016.
An IPID must answer the following questions:
- What risks are covered by the policy?
- Who and what is not covered by the policy?
- Are there coverage limits?
- What is the territorial scope of the policy?
- What are the insured's obligations?
- How and when will a premium be paid?
- What is the policy's duration?
- How can withdrawal from the policy be exercised?
No changes to the above standard format are allowed. Under the new proposal, undertakings can submit to proposers a supplemental IPID containing additional information on the insurer and the policy, including:
- the undertaking's financial data;
- the policy limits;
- the consequences of non-disclosure; and
- how a claim should be made.
The information in the supplemental IPID must be consistent with that contained in the standard document.
Neither the IPID nor the supplemental IPID can reference policy clauses and reference to legal provisions cannot go beyond what is strictly necessary.
In contrast with the previous proposal, no exemptions are provided other than with regard to large risks, for which no IPID is required.
As in the first consultation document, pre-contract documents should be submitted via email or through the insurer's website, subject to the proposer's prior consent. Further, the insurer must:
- send the potential policyholder via email a link to the webpage where the documents can be found; and
- ensure that the documents are accessible for the period in which they may be used by the policyholder and until the expiry of the two-year limitation period referred to in Article 2952 of the Civil Code.
Observations and comments on the amending proposals must be submitted to IVASS by September 30 2017.
For further information on this topic please contact David Maria Marino at DLA Piper Italy by telephone (+39 02 80 61 81) or email (firstname.lastname@example.org). The DLA Piper Italy website can be accessed at www.dlapiper.com.
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