The Insurance Supervisory Authority of Italy (IVASS) has recently initiated a public discussion centered around a draft regulation which proposes alterations and enhancements to current regulations on insurance and reinsurance distribution and on detailing, advertising, and creation of insurance products. The sole aim of this project put forward by IVASS is to streamline and simplify the pre-contractual distributor disclosures outlined in Regulation no. 40/2018 and the pre-contractual product disclosures outlined in Regulation no. 41/2018 and the affiliated annexes.
Amendments and integrations to these existing regulations could be of significant importance for legal professionals working with insurance and reinsurance distribution protocols, as well as those operating in the design and marketing of insurance products. These changes are intended to make necessary information more easily accessible and understandable, in turn, shaping a more fluid and less complex process for companies and individuals alike.
However, the public consultation is just the first step in what may potentially lead to changes to regulations, specifically in terms of simplifying pre-contractual distributor and product disclosures. The effectiveness and impact of these enhancements will be contingent on the response from industry participants during this consultation process.
For more detailed information on the proposed amendments and IVASS’s public consultation, legal professionals are encouraged to read the full document, which is available here.