On December 23, IVASS published on its website a draft of regulation on whistleblowing, whose consultation will end on 21 February 2020.

1.1 The draft is addressed to:

  1. Italian domestic insurance and reinsurance companies;
  2. branches of insurance and reinsurance companies established in a third country;
  3. branches of insurance and reinsurance companies with legal seat in a EEA country;
  4. insurance intermediaries registered in the RUI and insurance intermediaries with legal seat in a EEA country, operating in Italy under the right of establishment regime

and deals with the reporting made by the personnel (even if dismissed or not longer working) of the subjects listed above for facts occurred within the company during the working period, even in the cases where the activity rendered by the personnel to any of the subjects listed above was not under an employment relationship contract.

1.2 Depending on the identity of the subjects indicated above and the number of employees, the following regimes will apply:

  1. for the subjects listed under (i), (ii) and (iii) of para. 1.1 above, with personnel equal to or higher than 10 employees;
  2. for the intermediaries which are entities registered in sections a), b), d) and e) of the RUI, as well as for the intermediaries established in a EEA country, with personnel higher than 10 or equal to 30 employees

A.  GENERAL REGIME

  • the administrative body must approve the relevant whistleblowing systems which must be proportionate to the nature, breadth and complexity of the risks related to the activity carried out;
  • a person responsible of such system must be appointed, who must report to the administrative body and to the statutory auditors;
  • the system must identify:
  1. the subjects who may have access to such systems;
  2. the acts and facts that must be reported;
  3. the modalities by which the alleged breaches must be reported;
  4. the procedures for dealing with the reporting;
  5. the cases where the person responsible must give immediate communication to the administrative body and to the statutory auditors;
  6. the modalities by which the reporting person and the person on whom reporting occurred are informed on the follow up to the reporting;
  7. the obligation for the reporting subject to declare if he/she has an interest linked to the reporting,
  8. a privileged treatment of the reporting individual as compared to the treatment of the other subjects indicated in the reporting.

1.3 Reporting must be received, examined and evaluated through specific channels. Moreover reporting must be:

  1. numbered progressively and divided between anonymous and not anonymous;
  2. registered in a specific register and kept for the time period indicated by the law;
  3. assessed and verified;

whereas

  1. for the subjects listed under paragraph 1.2, points (i), (ii) and (iii) with personnel less than 10 employees; and
  2. for the intermediaries which are entities registered in sections a), b), d) and e) of the RUI, as well as for the intermediaries established in a EEA country, with personnel higher than 10 employees and less than 30

B.   SIMPLIFIED REGIME

the regime indicated above applies, with the exception, among others, of the provisions listed under paragraph 1.3 above.

1.4 Intermediaries registered under sections a), b), d) and e) of the RUI and established in the form of entities, intermediaries with legal seat in a EEA country, with branches in Italy with personnel less than 10 employees, individual intermediaries and intermediaries registered in sections c) and f) of the RUI must have exclusive access to IVASS.

1.5 IVASS is in any case entitled to receive reporting from employees of the insurance and reinsurance companies and of the intermediaries regardless of the regime applicable to these latter.

1.6 Finally, the activities of receipt, assessment and evaluations of the reporting can be given in outsourcing.

Any comment on the draft of document in consultation should be submitted to whistleblowing@ivass.it.