With Measure no. 147 of June 20, 2024, IVASS intervenes by reviewing the provisions on pre-contractual information provided by IVASS Regulation no. 40 of 2. August 2018 and IVASS Regulation no. 41 of August 2, 2018.
Matteo Cerretti and Andrea Corbo*
With Provision no. 147 of June 20, 2024L’IVASS gathers the need for simplification of pre-contractual information that is rationalized and simplified in order to strengthen its effectiveness.
After the evaluation process which the Administration confirms started in the second half of 2012 with trade associations interested parties and some players on the insurance market, IVASS intervenes based on the provisions of IVASS Regulation no. 40 of 2. August 2018 (hereinafter:Regulation no. 40/2018“) and IVASS Rulebook no. 41 of August 2, 2018 (hereinafter:Regulation no. 41/2018“) rationalization of administration methods towards the customer before signing the contract, both information about the distributor and information about the product, which remain unchanged in content.
Flipping through the provisions of the Regulation, with regard to the rationalization of data on the distributor from Regulation 40/2018, the work on simplification that is carried out in terms of the so-called static and dynamic information about the distributor, limiting the number of information on documents that are delivered to the customer through the introduction of the “Uniform pre-contractual form”, the so-called “MUP”, differentiated according to the nature (IBPID or non-IBPID) of the product, the implementation of which is left to the distributor.
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*Matteo Cerretti – Partner – Insurance Commercial Director for EMEA / Head of Italian Insurance Law Firm DWF Italy
*Andrea Corbo – Advisor – Insurance Law Firm DWF Italy
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