Italy: IVASS consults to amend certain provisions regarding insurance distribution

On 24 June 2022, IVASS launched a public session on a draft regulation offering certain amendments to IVASS Regulation No. 40/2018 on insurance and reinsurance distribution (the “Draft Regulation”).

The Draft Regulation goals, specifically, at:

• adapting to the Italian major laws in power the content material of the provisions at present offering for the duty for insurance intermediaries to get hold of a qualification of not lower than the higher secondary training diploma achieved following a five-year course or a four-year course supplemented by the annual course required by legislation, or an equal overseas qualification;
• introducing the duty to notify IVASS of the web area used for the promotion and placement of insurance contracts via strategies of distance communication by Italian insurance intermediaries and EU insurance intermediaries working in Italy.

Professional necessities

With regard to level 1) above, IVASS Regulation No. 40/2018 at present supplies for the requirement, amongst others, to get hold of a qualification of not lower than the higher secondary training diploma achieved following a five-year course or a four-year course supplemented by the annual course required by legislation, or an equal overseas qualification, for the next functions:

• enrolment in part C (direct canvassers), E (workers and collaborators of insurance intermediaries concerned in distribution exterior their premises) and F (ancillary insurance intermediaries) of the Register of Insurance Intermediaries saved by IVASS (“RUI”);
• appointment because the accountable individual for insurance or reinsurance distribution of firms appearing as distributors;
• train of the distribution exercise by the workers working inside the middleman’s premises; and
• participation to the take a look at for enrolment in sections A (brokers) and B (brokers) of the RUI.

By technique of the brand new regulatory intervention, the reference to the length of the course and the supplementary 12 months with reference to the possession of an higher secondary faculty diploma can be eradicated so as to make the availability in keeping with the present Italian faculty system, which additionally supplies for the potential for finishing a course of upper research in 4 years, whereas preserving the full variety of hours of attendance unchanged.

Furthermore, with respect to the equal overseas qualification, the regulatory intervention takes under consideration the provisions of Law no. 148 of 11 July 2002 (by which Italy ratified the Lisbon Convention – Convention on the Recognition of Qualifications regarding Higher Education within the European Region, Lisbon 11 April 1997), which assigns duty for the popularity of overseas {qualifications} – for functions aside from the pursuit of college research and the achievement of Italian college levels – to the Administrations involved.

In this context, the idea of equivalence would due to this fact be outmoded and changed with the time period “corresponding foreign qualification“.

Internet area

With regard to level 2) above, IVASS Regulation No. 40/2018 at present supplies that distributors which perform actions of promotion and placement of insurance merchandise via web sites shall personal the related area. The provision, geared toward guaranteeing an sufficient stage of client safety, is included within the List of General Good Provisions printed on IVASS web site so as to outline the perimeter of the provisions with which EU intermediaries working in Italy below proper of multinational and freedom of companies regimes are additionally required to comply.

The Draft Regulation – which might amend such provision by additionally introducing the duty for Italian insurance intermediaries enrolled within the RUI and EU insurance intermediaries enrolled within the List hooked up to the identical to notify IVASS of the web area used – is meant to strengthen the safeguards at present in power via the acquisition of full info on the methods during which insurance contracts are positioned and promoted by way of the online.

The obligation would additionally apply to circumstances of promotion solely by the use of distance communication.

The provision launched, specifically, is deemed obligatory so as to stem the phenomenon of web site scams – that are registering a worrying improve additionally due to the robust digital acceleration of latest years, partly linked to the Covid-19 pandemic – so as to shield shoppers and, however, intermediaries themselves. Such a measure might in actual fact lead, in IVASS opinion, to a big discount within the threat for intermediaries of seeing their information illegitimately related to unofficial web sites.

Next steps

The public session on the Draft Regulation will likely be open till 25 July 2022.

Click right here to obtain the general public session doc (obtainable in Italian solely).

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