Insurance Distribution

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.

European directives

  1. Directive 2018/411/EU of 14/03/2018 pdf 364.9 KB Directive 2018/411/EU of 14 March 2018  amending Directive 2016/97/EU
  2. Directive 2016/97/EU of 20/01/2016 pdf 1.3 MB Directive of the European Parliament and of the Council on insurance distribution

European Regulations

  1. Regulation (EU) 2019/1238 of 20 June 2019 pdf 870.0 KB Regulation of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP)
  2. Delegated Regulation (EU) 2019/1935 of 13/05/2019 pdf 500.1 KB
  3. Delegated Regulation (EU) 2018/541 of 20/12/2017 pdf 364.3 KB Regulation amending Delegated Regulation (EU) 2017/2358 and Delegated Regulation (EU) 2017/2359 as regards their dates of application
  4. Delegated Regulation (EU) 2017/2359 of 21/09/2017 pdf 1.4 MB Regulation supplementing Directive (EU) 2016/97 with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products
  5. Delegated Regulation (EU) 2017/2358 of 21/09/2017 pdf 1.4 MB Supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to product oversight and governance requirements for insurance undertakings and insurance distributors
  6. Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 pdf 2.5 MB Commission Delegated Regulation (EU) 2017/653 supplementing Regulation (EU) No 1286/2014, on key information documents for "PRIIPs" products
  7. Regulation (EU) No 2014/1286 of 26/11/2014 pdf 1.2 MB Regulation on key information documents for "PRIIPs" products