By order No. 97 of 4 August 2020, IVASS completed the implementation in Italy of the rules on distribution of insurance investment products, aimed at pursuing the rationalisation and simplification of the regulations on the matter.
In particular, the aforementioned Provision abrogated the obligation for intermediaries registered in sections A (agent), B (broker) or F (ancillary intermediary) of the Italian Register of Intermediaries, to certify, by means of a communication submitted to IVASS by 5 February each year, the renewal of the third-party liability insurance contract or, in the case of a multi-year contract, the confirmation of the effectiveness of the relevant policy.
Provision no. 97/2020 will enter into force on 31 March 2021, in order to provide insurance and reinsurance operators with a reasonable period of time to adapt to the new regulatory provisions.
However, within the broader framework of the measures adopted to support the activities of companies and intermediaries following the health emergency due to the COVID-19 pandemic, IVASS – with provision 101/2020 – has exempted, as from the next deadline of 5 February 2021, intermediaries A, B and F from the aforementioned obligation to communicate the renewal of the liability policy.
The fulfilment of the obligation to take out a third party liability policy is still a requirement for registration in the Register of Insurance Intermediaries, also on an ancillary basis, as well as for the maintenance of operations and the establishment of so-called horizontal cooperation relationships, on the basis of the the Private Insurance Code and its implementing provisions.
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