Italy: Regulator enforces new rules

The Italian Insurers Association (ANIA), some Italian consumers associations, the Italian Brokers Association (AIBA) and the Italian Antitrust Authority drafted a set of guidelines on the structure and language of insurance policies wording. The move comes as a response to the suggestion of the Italian insurance regulator Institute for Insurance Supervision (IVASS) that implied insurers needed to simplify insurance contracts and wordings.

According to the IVASS letter to the market, insurers should comply with the Guidelines within 1 January 2019 for new insurance products, and for existing main products currently marketed, by the end of 2019.

Moreover, the letter states that the cover of the reviewed/new products shall mention the wording compliance with the Guidelines.

From 1 January 2019 onwards (and later on a quarterly basis), the insurers shall inform IVASS about which products have been reviewed in accordance with the Guidelines (such information will also be published on IVASS website).

The letter is expressly addressed only to Italian insurers and non-EU insurers carrying on business in Italy under the right of establishment.