IVASS, the supervisory authority for the Italian insurance market, recently issued for consultation a new draft Regulation aimed at amending the Transparency Regulation.
The proposed amendments concern information obligations imposed on life insurers in connection with unit linked, index linked and with profits life insurance contracts (contratto a prestazioni rivalutabili). The information requirements are currently provided for under articles 12 and 26 of the IVASS Regulation on transparency, which require insurers to regularly publish certain information relating to life contracts both on their websites and in national newspapers.
The draft Regulation changes the means by which insurers must publish information but does not modify the content of the information. The Regulation proposes removing the requirement to disclose information in national newspapers meaning insurers will only be required to publish information on their websites, as well as at the registered office or place of sale. Public consultation on the draft Regulation ends on May 24.
These amendments are aimed at reducing insurers’ costs and aligning legislation to market practice and online sales, meaning information is promptly available to customers.