Insurance Law Alert

New IVASS Regulation on transparency, advertising and creation of insurance products from 2019

Following the incorporation into Italian national laws of the Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution IVASS (the Italian insurance regulator) has issued the new Regulation no. 41 of 2 August 2018 on disclosure, advertising and creation of insurance products matters (the “Regulation”), applicable from 1 January 2019.

The Regulation is aimed at reviewing and amending the regulatory provisions contained in IVASS Regulation no. 35/2010, and provide a standardised base pre-contractual document for each insurance product category that will replace the standard Informative Note (Nota Informativa) as follows:

  1. the IPID (Insurance Product Information Document) for non-life products;
  2. the so called Life DIP (Documento Informativo Pre-contrattuale Vita) for life risk insurance products (provided by the Italian Insurance Code as an Italian peculiarity); and
  3. the KID (Key Information Document) for insurance based investment products as provided by the EU regulations.

In addition, IVASS introduces a supplementary standardized pre-contractual document to be delivered to potential customers together with the base documents, the so called Supplementary DIP (“DIP Aggiuntivo”) aimed at collecting information which is supplementary and complementary with respect to the information contained in the base documents, in order to ensure a more detailed knowledge of the product and to guide the client toward an informed decision on contractual rights and obligations.

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