On 18 March 2014, the draft regulation concerning the definition of measures to simplify the procedures and requirements in contractual relationships between insurance undertakings, intermediaries and customers was published on the IVASS website.
The draft measure implements Article 22, Paragraph 15bis, of Italian Decree Law 18 October 2012, no. 179 laying down “Further urgent measures for the growth of the Country” converted, with amendments, into Law no. 221 of 17 December 2012.
That rule provides that, for the non-life insurance sector alone, IVASS deals with defining the measures aimed at reducing paperwork requirements in contractual relationships between insurance undertakings, intermediaries and customers, also favouring the use of digital tools, certified e-mail, digital signature and electronic and online payments.
The provisions contained in the draft measure are intended to amend Regulations no. 5 (in relation to insurance intermediation); no. 34 (in relation to distance sales of insurance products) and no. 35 (in relation to reporting obligations).
They are applied to insurance contracts for the cover of risks located in the Italian territory, except where that positioning of the contract occurs by way of distance communication techniques (in that case, the provisions contained in ISVAP Regulation no. 34 of 2010 shall apply).
It is worth noting (amongst the other provisions) the provisions noted below:
- Article 7, concerning the methods for acquiring from the policyholder consent to use e-mail for sending documentation;
- Article 13, which requires that form no. 7B, containing general information on the intermediary, on situations of potential conflict of interest and on the means of protection of the policyholder, must be provided to the customer only once, irrespective of the number of contracts entered into by the latter and subject to no changes having been made to the data contained therein.
- Article 15, which introduces the “summary sheet” outline. This is a new document aimed at providing to the policyholder immediately useable information on the characteristics, warranties and costs of the contract. The new outline is added to the content of the information booklet.