Insurance distribution plays a particularly important role also in view of the innovations introduced by Directive (EU) 2016/97, transposed into the Italian law by legislative decree no. 68 of 21 May 2018, which has amended the Code of Private Insurance (leg. decree no. 209/2005).
The new directive introduces more efficient and simplified systems for the management of registers and for the supervision of undertakings and intermediaries, improving the level of consumer protection and consolidating in the European law principles and rules already present in Italian rules.
The new national regulatory framework, mainly made up of the rules of the Code of Private Insurance and of IVASS Regulations no. 39, 40 and 41 of 2 August 2018:
- introduces more stringent rules on fairness of behaviours for those who sell or promote an insurance product;
- simplifies and standardizes consumer information;
- reinforces the sanctioning system and revises the relevant procedures with the aim of streamlining them.