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Published in:
Transparency in Insurance Intermediation and Regulation in Austria Read chapter Read first chapter

2021 | OriginalPaper | Chapter

Transparency in Insurance Regulation and Supervisory Law of Italy

Authors : Pierpaolo Marano, Michele Siri

Published in: Transparency in Insurance Regulation and Supervisory Law

Publisher: Springer International Publishing

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Abstract

This chapter aims at illustrating the evolving meaning of the notion of transparency in Italian insurance regulation and supervisory law. Transparency becomes the standard for ascertaining whether the organisational and behavioural conduct of the supervised entities achieves the objective of protecting the insured. At the same time, transparency is required of the supervisory authority to ensure the proper performance of his duties towards the supervised entities and stakeholders in the insurance market. In this sense, transparency not only concerns supervision but also permeates the regulatory activity of the authority.

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previous chapter Transparency in Insurance Regulation and Supervisory Law of Germany
next chapter Transparency in Insurance Regulation and Supervisory Law of Malta
Footnotes
1
See Article 27 Solvency II.
 
2
See Article 119-bis CAP.
 
3
See Article 3 of Regulation No. 39 of 2 August 2018 applying administrative sanctions, which provides that “The provisions of this Regulation shall govern the sanctioning procedure for violations assessed by IVASS in the exercise of its functions which are intended to guarantee adequate protection for policyholders and parties entitled to insurance benefits, by ensuring a sound and prudent management by insurance and reinsurance undertakings, transparency and fairness of conduct toward customers by the same undertakings, by insurance and reinsurance intermediaries and ancillary insurance intermediaries as well as by other operators in the sector; stability of the system and the financial markets as well as the prevention of the use of the financial system for money laundering of revenue deriving from criminal activities and the financing of terrorism”.
 
4
See Article 183 CAP.
 
5
See Article 182 CAP.
 
6
See Van Hulle (2019), p. 381.
 
7
Article 9-bis CAP sets forth that “IVASS shall conduct its tasks in a transparent and accountable manner. In pursuing such principles and with respect for the protection of confidential information it shall publish on the web site and periodically update the following information: a) the text of the laws, regulations and administrative provisions, of the recommendations and general guidelines in the field of insurance and reinsurance, and any other relevant general measure pertaining to supervised entities; b) the general criteria and methods of supervision, including the tools in the prudential control process; c) aggregate statistical data on key aspects regarding the application of prudential regulations; d) the arrangements for the exercise of the options envisaged by directive 2009/138/EC; e) the objectives of the supervision and the main functions and activities performed by IVASS”.
 
8
ISVAP Regulation n. 22 of 4 April 2008 and IVASS Regulation n. 21 of 10 May 2016.
 
9
IVASS Regulation n.33 of 6 December 2016.
 
10
The undertaking, taking into account the matters regulated in article 306 of the Delegated Acts, shall prepare the ORSA Supervisory report, in accordance with the principles of article 30-ter (7) of the Code, following the structure as per Annex 3 of IVASS Regulation no. 32 of November 2016.
 
11
Article 47-quinquies, Italian Private Insurance Code.
 
12
Floreani (2017), pp. 261–278.
 
13
Article 47-decies, Italian Private Insurance Code.
 
14
IVASS Regulation no. 42 of 2 August 2018.
 
15
Art. 47-septies, paragraph 7, Italian Private Insurance Code.
 
16
IVASS Regulation IVASS no. 33 of 6 December 2016.
 
17
Article 47-septies, Italian Private Insurance Code.
 
18
Article 47-quarter, Italian Private Insurance Code.
 
19
Art. 7, IVASS Regulation no. 33 of 6 December 2016.
 
20
Art. 8, IVASS Regulation no. 33 of 6 December 2016.
 
21
Art. 9, IVASS Regulation no. 33 of 6 December 2016.
 
22
Art. 10, IVASS Regulation no. 33 of 6 December 2016.
 
23
Art. 11, IVASS Regulation no. 33 of 6 December 2016.
 
24
Art. 12, IVASS Regulation no. 33 of 6 December 2016.
 
25
Art. 13, IVASS Regulation no. 33 of 6 December 2016.
 
26
Art. 14 and 15, IVASS Regulation no. 33 of 6 December 2016.
 
27
Art. 16, IVASS Regulation no. 33 of 6 December 2016.
 
28
EIOPA-BoS-15/154 del 29/06/2015 “Need for high-quality public disclosure: Solvency II’s report on solvency and financial condition and the potential role of external audit”.
 
29
IVASS Regulation n.42 of 2 August 2018.
 
30
According to art. 2, par. 1, q), “full external audit” shall mean the formulation of an opinion on the fact that all information was drawn up in compliance with the directly applicable provisions of the European Union and with the national legislation regulating the sector (so-called reasonable assurance opinion).
 
31
Balance sheet and related Solvency II valuations.
 
32
Eligible own funds covering the solvency capital requirements.
 
33
Group balance sheet and related Solvency II valuations.
 
34
Eligible own funds covering the group solvency capital requirements.
 
35
IVASS Regulation IVASS no. 33 of 6 December 2016.
 
36
According to art. 2, par. 1, r), “limited external audit” shall mean the performance of audit activities providing evidence that, based on the procedures and the findings, no issues have been identified by the statutory auditor indicating that the information was not drawn up, in its most significant aspects, in compliance with the directly applicable EU provisions and of the national legislation applicable to the sector (so-called limited assurance opinion).
 
37
Solvency Capital Requirement and Minimum Capital Requirement.
 
38
Solvency Capital Requirement and consolidated group Minimum Capital Requirement.
 
39
Article 47-novies of the Italian Private Insurance Code.
 
40
Ostrowska (2018), volume 99, pp. 293–313.
 
41
Dreher (2015), p. 81 f.
 
42
EIOPA “Consultation Paper on proposals for Solvency II 2020 Review. Review of technical implementation means for the package on Solvency 2 Supervisory Reporting and Public Disclosure” EIOPA- BoS-19-582 18 December 2019.
 
43
See Article 17 of IDD.
 
44
See Article 119-bis CAP.
 
45
See Article 17 of Legislative Decree 23 July 1996, n. 415, which then flowed into Article 21 of Legislative Decree No. 58 of 24 February 1998 Consolidated Law of Finance.
 
46
Marano (2017a), p. 219 ff.; Id (2017b), p. 415 ff.
 
47
The current “Mifidization” concerns: (i) the sources of the regulation on insurance; (ii) the design and distribution of the insurance products; (iii) customers’ protection; (iv) the interpretation by the Courts of the rules on life insurance products. See Marano (2017a), p. 219 ff.
 
48
Rimini (2020), p. 426; Berti de Marinis (2016); Maggiolo (2012), p. 356 ff.; Lucantoni (2011), p. 254 ff.; Sartori (2004); Venuti (2000), p. 1049 ss.; Santoro (1994), p. 791; Alpa (1992), IV, p. 409.
 
49
De Mari and Spada (2005), p. 133.
 
50
Siri (2007), p. 387 f.
 
51
Gaggero (2013), p. 461 ff.
 
52
Corrias (2017), p. 265 ff.
 
53
According to Article 55 of Regulation No. 40 of 2 August 2018, “Based on the information collected, the distributors, taking into account the type of policyholder and the nature and complexity of the product offered, provide the policyholder, in a clear and understandable form, objective information on the product, illustrating the characteristics, duration, costs, limits of coverage and any other useful element to allow him to make an informed decision”.
 
54
See Articles 119-bis, para. 5, and 120-bis CAP.
 
55
See Articles 119-bis, para. 6, and 120-ter CAP.
 
56
See Article 131 CAP.
 
57
See Articles 5, 6 and 9 of Regulation No. 23 of 9 May 2008.
 
58
See Article 131 CAP.
 
59
See Article of Regulation No. 41 of 2 August 2018.
 
60
This rule is complemented with the rule sets forth by Article 148, para 11-bis, which provides the policyholder with “the possibility […] to obtain the whole amount of damages for the professional repair of the damaged vehicle using a trusted repair-shop licensed pursuant to law n. 122 of 5 February 1992. To this end, the repair-shop shall provide the tax documents and an adequate warranty on repairs of no less than two years for all the components other than wear parts”.
 
61
See Article 156 CAP.
 
62
See also Article 12 of law n. 229 of 29 July 2003.
 
63
The principle No. 2 of the Insurance Core Principles (ICPs) issued by International Association of Insurance Supervisors (IAIS) sets forth that “The supervisor is operationally independent, accountable and transparent in the exercise of its responsibilities and powers”. This principle is detailed though standards and guidance. Standard No. 2.9 specifies that the supervisor must consult publicly on significant changes that it makes to requirements, policies and supervisory procedures. This standard is detailed by guidance No. 2.9.2, stating that “A critical element of transparency is for the supervisor to provide the opportunity for meaningful public consultation on proposed requirements and supervisory procedures. Meaningful public consultation benefits from participation by a diversity of stakeholders. Consequently, the supervisor should have methods in place to encourage and solicit stakeholder participation”. While guidance No. 2.9.3 sets forth the supervisor “should have written procedures on the types of documents that are subject to public consultation as well as the process and timelines for consultation. Some documents used in the supervisory process may not be suitable for consultation, such as detailed procedural manuals that are used to guide staff of the supervisor in the performance of their day-to-day duties”.
 
64
See Commission staff working document, Better Regulation Guidelines [SWD (2017) 350], Brussels, 7 July 2017.
 
65
See Article 4, Regulation n. 3/2013.
 
66
See Article 5, Regulation n. 3/2013.
 
67
See Article 6, Regulation n. 3/2013.
 
68
IVASS, where deemed necessary, may provide for further forms of advertising, see Article 6, Regulation n. 3/2013.
 
69
See Article 6, Regulation n. 3/2013.
 
70
See Article 6, Regulation n. 3/2013.
 
71
See Article 7, Regulation n. 3/2013.
 
72
According to Article 7, Regulation n. 3/2013, if the contributions and proposals received contain data or information that, by their nature, are confidential, their senders can ask IVASS, stating the reasons, not to proceed with the publication of the paper or proposal, or to publish it anonymously. If the final version of the regulatory act accepts the proposal that the sender requests to omit publication, IVASS will still make the proposal public anonymously.
 
73
See Article 6, Regulation n. 3/2013.
 
74
See article 6, Regulation n. 3/2013 under which these further consultations must take place according to the methods and terms established on the basis of the complexity of the changes.
 
75
See the rulings of the administrative Court—TAR Lazio—that has jurisdiction over appeals against acts adopted by IVASS: TAR Lazio, 27 October 2010 n.33044; TAR Lazio, 27 October 2010 n.33033; TAR Lazio, 27 October 2010 n.33133; TAR Lazio, 27 October 2010 n.33031.
 
76
See Article 4, Regulation n. 3/2013.
 
77
See Article 2, Regulation n. 3/2013.
 
78
See Article 2, Regulation n. 3/2013.
 
79
See Article 2, Regulation n. 3/2013.
 
80
See Article 5 CAP.
 
82
See, e.g., the Letter to the Market of 17 March 2020, Joint Communication of IVASS—Bank of Italy: offer of products linked to loans.
 
83
See, e.g., the Letter to the Market of 5 July 2018, Guidelines on the application of the principle of proportionality in the system of governance.
 
84
See, e.g. Letter to the Market of 1 April 2019, EEA insurance undertakings operating in Italy—new regulations on dormant life assurance policies.
 
85
Clarich (2019), p. 96.
 
86
See Consiglio di Stato—that is the administrative court of Appeal to the rulings of TAR—of 1 August 2012, n 5434.
 
87
See Article 6, Regulation n. 3/2013.
 
88
See Article 37 of Regulation (EU) No 1094/2010 of 24 November 2010 establishing EIOPA.
 
89
CONSOB, Delibera n. 20477 of 12 June 2018.
 
90
Enriques and Gargantini (2020), p. 355 refer this criticism to CONSOB.
 
92
See at point 40.
 
93
, See at point 11.
 
94
See at point 22.
 
95
See IVASS Regulation No. 36 of 28 February 2017.
 
97
See Article 9 of IVASS Regulation No. 24 of 19 May 2008.
 
99
See Annex 2 to IVASS Regulation No. 24 of 19 May 2008.
 
101
See Article 325-ter, respectively, para. 2, 3, and 4, CAP.
 
102
In addition, “An excerpt of the rulings issued by the administrative judges who decide on the appeals and the rulings on extraordinary appeals to the President of the Republic, are posted in the Bulletin. As regards anti-money laundering breaches per Legislative Decree no. 231 of 21 November 2007, as amended by Legislative Decree no. 90 of 25 May 2017, an excerpt of the start of the legal proceedings and of its outcome are also published in the Bulletin Sanctions and information referred to in the previous sentences are published in IVASS website for five years”.
 
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Metadata
Title
Transparency in Insurance Regulation and Supervisory Law of Italy
Authors
Pierpaolo Marano
Michele Siri
Copyright Year
2021
Book
Transparency in Insurance Regulation and Supervisory Law

Print ISBN: 978-3-030-63620-3

Electronic ISBN: 978-3-030-63621-0

Copyright Year: 2021

DOI
https://doi.org/10.1007/978-3-030-63621-0_7