Insurance Distribution: IVASS Clarifications

On 23 December 2021, IVASS published a document, in the form of FAQs, aimed at providing insurance intermediaries and companies with a number of clarifications regarding the rules for insurance distribution. These clarifications have emerged following numerous meetings between IVASS and the various associations of companies, consumers and intermediaries, particularly in the light of Regulation 40/2018 and other regulations connected thereto.

Among others, the document provides clarification with respect to:

  1. obligation of telephone registration in remote insurance distribution (in this respect, some doubts remain for the case in which the initiative is taken by the customer, being in this case questionable whether the intermediation activity can be considered as “organised“)
  2. management and control of distribution networks by companies (the companies obligation to adopt policies and procedures aimed at ensuring compliance with professional, organisational and honourability requirements and the observance of rules of conduct by distribution networks, does not authorize companies to introduce pervasive procedures on intermediaries – and particularly brokers)
  3. rules on the report on the control of the distribution network
  4. rules on delivery of pre-contractual documents
  5. indications on some specific causes of termination of the contract between the company and the intermediary (e.g.: distribution of insurance products to customers belonging to the negative reference market identified by the company; distribution of insurance products to customers belonging neither to the reference market nor to the negative reference market identified by the company; distribution in breach of the conduct obligations set out in IVASS Regulation 45/2020) and on the materiality of “repetition” of the breach.
  6. as for EU companies operating in Italy under ROE or FOS it refers to paragraph 6 of Article 11 of Regulation 45/2020, which introduces the obligation for intermediaries who distribute the contracts of EU companies to comply with:
  • IVASS Regulation 45/2020
  • European and Italian regulations
  • the needs, characteristics and objectives of the actual identified reference market

10 January, 2022


The above note is for information only and may not be intended as a substitute for a considered and specific legal opinion.