Would you like to know if IVASS has imposed any sanction on an insurance undertaking? If so you can consult the statistics on sanctions published in this section.
In order to extend the information available on the supervisory activity performed over supervised entities, IVASS publishes the pecuniary sanctions adopted against undertakings every six months and every year.
Sanctions represent one of the tools used by IVASS to correct the undertakings’ behaviour. They serve a deterrent function, that is their goal is to discourage unfair behaviours by insurance undertakings, both in their relations with Consumers, and with regard to the organization and conduct of business.
The violations detected by IVASS in the exercise of its supervisory functions, on the basis of the complaints filed by Consumers or of other reports received, may, for example, range from the failure to comply with the time-limits established by law for paying damages in motor liability insurance to organizational/administrative irregularities.
Below you can find:
- data on the sanctions imposed on insurance undertakings (with head office in Italy or in another foreign Country, carrying on business in Italy under the right of establishment or the freedom to provide services, and foreign undertakings authorised to pursue business in Italy);
- information on all the sanctions imposed, with specific tables for motor liability insurance (including those on claims settlement) and for other insurance classes (with separate evidence of sanctions in life business).
Data are shown broken down by single undertaking and at an aggregate level. You can compare them according to different keys and learn the incidence of sanctions (both in terms of numbers and of amount) for every million euro of premium income.
22 November 2017