Market Conduct Supervision Directorate

It supervises over the fairness and transparency in the market conduct of undertakings and distributors, including foreign distributors pursuing business in Italy by way of establishment or freedom of services, over the POG process and its transparency, as well as over the payment of insurance benefits.

For this purpose it also carries out thematic reviews and uses the data and information available to IVASS.

It oversees the monitoring of digital operational resilience (DORA) in the financial sector by intermediaries subject to the relevant regulations.

It carries out activities to combat the circulation of fake insurance policies and the unauthorised pursuit of insurance business, with particular reference to such activities carried out via digital channels and websites. In this context, it oversees administrative proceedings aimed at issuing orders to cease the unauthorised insurance mediation activities carried out via websites and measures to block access to the relevant websites.

It manages the activities regarding the pursuit of insurance business in Italy by foreign undertakings as well as the Single Register of Intermediaries (RUI).

It contributes to the annual planning of on-site inspections and, where necessary, takes part in the inspections at the supervised entities, as well as in surveys on market conduct coordinated by EIOPA.

It monitors, for matters falling within its competence, the implementation of the initiatives aimed at resolving the problems encountered during inspections.

It maintains relations with the other authorities, both in Italy and abroad, on matters falling within its competence and files reports to the judicial authority.

It prepares the opinions on the proceedings started by AGCM on misleading and comparative advertising and unfair commercial practices.

In cases which can result in the application of administrative sanctions to undertakings and intermediaries as well as to the natural persons that are the recipients of the sanctioning procedures it is responsible for the inquiry and the commencement of the proceedings with the notification of the breaches and sends the Sanction and Winding-up Directorate the supporting documentation and the technical report in view of the subsequent investigation phase.

Head of Directorate: Elena Bellizzi
(appointed by resolution no. 49/2019 of 27 June 2019)

Deputy Head of Directorate: Lucilla Caterini Grossi
(appointed by resolution no. 100/2019 of 12 December 2019)

Number of staff: 45

Last update

13 October 2026

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Product and Market Supervision Division

It supervises over compliance with POG regulations by Italian undertakings and intermediaries manufacturing insurance products and monitors fairness in their behaviours, also as regards the payment of insurance benefits.

In the event of possible breaches of conduct regulations, where appropriate, it exercises the powers provided for by the CAP and the applicable European rules; it conducts investigations relating to the acceptance of pre-emptive commitments; it initiates sanctioning proceedings in connection with established breaches and, where post-notification commitments are submitted, assists the competent Sanction and Winding up Directorate. It supervises over transparency and disclosure in insurance products distributed in the Italian market and analyses them from a technical aspect for consumer protection purposes. In cases of critical issues for the governance and stability of undertakings or for systemic stability, it reports it to the competent Directorates.

It analyses the trends in insurance supply, with special regard to innovative products.

It is responsible for the examination of segregate funds and internal funds and the relevant authorization proceedings.

In relation to foreign undertakings carrying on business in Italy:

  • it manages the activities regarding the pursuit of insurance business by way of establishment or of free provision of services, including extraordinary corporate transactions;
  • it monitors their correct behaviour and compliance of their activities with the regulations in force.For this purpose, it collaborates with the home supervisory authorities, supporting them also in the assessment of POG and the internal control systems of Italian distributors, and with the other national supervisory authorities and EIOPA, taking part - for the matters falling within its competence - in the Colleges of Supervisors on cross-border insurance groups and in the Platforms of Collaboration between supervisors set up by EIOPA.

The Division monitors the impact on consumers and policyholders arising from the application of the regulations on digital operational resilience in the financial sector by both Italian and foreign insurance companies, particularly in the event of significant incidents that disrupt services to consumers.

  1. Annamaria Damiani Head (appointed by resolution No. 51/2022 of 26 July 2022)

Distribution Supervision Division

In relation to Italian distributors:

  • it monitors their correct behaviour and compliance of their activities with the regulations in force, including POG provisions;
  • it supervises over the safeguards adopted by undertakings for the control of distribution networks and over the internal systems for the reporting of breaches (whistleblowing);
  • it supervises over digital distribution channels;
  • it conducts preliminary investigations in response to reports or other evidence of possible irregularities in market conduct, exercising, where appropriate, the powers provided for by the CAP and applicable European regulations;
  • it conducts investigations relating to the acceptance of pre-emptive commitments;
  • it initiates sanctioning proceedings in connection with established breaches and, where post-notification commitments are submitted, assists the competent Sanction and Winding up Directorate.

The Division also monitors compliance with the regulations governing digital operational resilience in the financial sector by mediation firms falling within the scope of those regulations. In relation to foreign distributors operating in Italy, it monitors their correct behaviour and compliance of their activities with the regulations in force.

  1. Enrico Coratti Head (appointed by resolution no. 69/2022 of 25 October 2022)

RUI Handling Division

It manages the Single Register of Intermediaries and is in charge of the preliminary investigations for the proceedings relating to:

  • insurance, reinsurance and ancillary insurance intermediaries and their collaborators in relation to the sections of the Register, including the obligations related to the cross-border activity performed in the EEA;
  • intermediaries having their residence or head office in the territory of the EEA in relation to the list enclosed to the Register.

It regularly updates the European register of corporate officers maintained by EIOPA to facilitate communication between supervisory authorities regarding individuals who hold or have held key positions at insurance intermediaries.

It provides confirmation of registration in the RUI to law enforcement agencies and authorised applicants.

It organises the examinations for registration in the Register.

  1. Giovanna Lanzetta Head (appointed by resolution No. 8/2022 of 25 January 2022)