Market Conduct Supervision Directorate
It supervises over 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.
In case of critical issues, it proposes the adoption of supervisory measures, while giving prior notification to the Prudential Supervision Directorate for the adoption of any measure concerning governance.
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 maintains relations with the other authorities, both in Italy and abroad, on matters falling within its competence and files reports to the judicial authority.
In cases which can result in the application of administrative sanctions to undertakings and intermediaries 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, where envisaged, the technical report in view of the subsequent investigation phase.
It prepares the opinions on the proceedings started by AGCM on misleading and comparative advertising and unfair commercial practices.
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: 47
20 November 2020
Product 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.
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 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.
Distribution Supervision Division I
In relation to Italian distributors, except for intermediaries registered in section d) of the RUI: 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.
Distribution and Foreign Operators Supervision Division II
In relation to distributors registered in section d) of the RUI: 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.
In relation to foreign undertakings and distributors operating 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.
RUI Handling Division
It manages the Single Register of Intermediaries and is in charge of all 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 organises the examinations for registration in the Register.