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DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia…
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DLA Piper | Italy | 27 Jul 2021

Administrative Court eases intermediary obligations with annulment of regulation amendments

The Administrative Court of Lazio recently upheld an appeal brought against the Insurance Supervisory Authority (IVASS) by the Sindacato Nazionale Agents di Assicurazione. The appeal concerned the annulment of certain provisions of IVASS measure 97, which amended IVASS Regulation 40/2018 on insurance distribution.
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DLA Piper | Italy | 16 Mar 2021

IVASS issues clarifications on run-off portfolio transfers

IVASS (the Italian insurance regulator) has approved changes to its Regulation 14 of 18 February 2008 concerning portfolio transfers. The order affects domestic (ie, Italian) insurers and Italian branches of third-country insurers involved in a portfolio transfer transaction and those entitled to insurance benefits deriving from polices issued by the ceding undertaking. The changes aim to......
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DLA Piper | Italy | 10 Nov 2020

New ANIA self-regulation codes for co-insurance in non-life and life insurance

In March 2020 the National Association of Insurance Companies approved the new self-regulation codes for co-insurance in non-life and life insurance, replacing the previous codes. Essentially, the new codes set out standard clauses governing the relationship between co-insurers. They apply to co-insurance agreements entered into effective from 1 January 2020. The previous codes can be used......
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DLA Piper | Italy | 6 Oct 2020

Insurance Distribution Directive and product oversight and governance – new IVASS measures enacted

With two measures introduced in August 2020, IVASS (the Italian insurance regulator) has approved changes and certain rules – effective as of 31 March 2021 – to various IVASS regulations concerning distribution and product oversight and governance for insurers and distributors. This article highlights the main changes.
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DLA Piper | 9 Sep 2020

CFIUS encourages public to provide tips and referrals

In addition to a substantial increase in funding and staff dedicated to monitoring and enforcement, the Department of the Treasury, which leads the Committee on Foreign Investment in the United States (CFIUS) review process, has now developed a webpage encouraging members of the public to provide it with tips and referrals with respect to non-notified deals, violations of CFIUS mitigation......
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DLA Piper | Italy | 11 Aug 2020

Fair and balanced insurance contracts – recent Supreme Court rulings

In two separate orders, the Supreme Court has reiterated certain principles that should be used as guidance for interpreting insurance clauses with a view to ensuring a fair balance between the insured's rights and the insurer's obligations. The orders once again confirm the importance of insurance contracts being drafted with rigor and in accordance with clear and simple criteria in order to......
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DLA Piper | Italy | 9 Jun 2020

Claims-made clauses: an end to uncertainty?

The Court of Cassation recently set out a number of important points on claims-made clauses, reaffirming that, among other things, the liability insurance loss occurrence scheme is not binding pursuant to Article 1932 of the Civil Code. Thus, it can be derogated from by parties, which are free to opt for the claims scheme model by including pure or mixed clauses in insurance contracts.
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DLA Piper | Italy | 28 Apr 2020

Payment protection insurance – recent joint IVASS and Bank of Italy guidelines

By a letter of 17 March 2020, IVASS (the Italian insurance regulator) and the Bank of Italy once again addressed the issue of policies connected to loan and financing contracts, recommending the adoption of verification procedures by the internal control functions of insurance undertakings and financial institutions in order to identify and remedy possible critical issues.
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DLA Piper | Italy | 18 Feb 2020

Control over distribution networks: recent IVASS and ANIA clarifications

Section 46 of Institute for the Supervision of Insurance (IVASS) Regulation 40/2018 concerns (re)insurance distribution and provides that undertakings must, among other things, draft an annual report on the control over their distribution networks, which must be submitted to the board and the compliance division and delivered to IVASS. The deadline to submit the 2019 report and data relating......
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DLA Piper | Italy | 24 Dec 2019

Insurance Distribution Directive – new IVASS measures expected

The Institute for the Supervision of Insurance (IVASS) recently launched a public consultation on two separate documents containing additional rules implementing the local and EU laws on insurance distribution (and other ancillary provisions). The first consultation document relates to product oversight and governance, while the second introduces changes to existing IVASS regulations.
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