Cumulative removals

The provisions on insurance mediation (art. 113 (1) of the CAP and art. 30 (1) of IVASS Regulation no. 40/2018) lay down that IVASS may order the automatic removal of intermediaries in different cases. Among these cases the failure to carry on business for more than three years, without good reason, after ascertaining the underlying reason, is of particular importance, especially for the correct management of the Register of Intermediaries.

This procedure refers to "non-operating" intermediaries, that is those who are registered:

  1. in section A of the RUI but have not taken out a professional indemnity insurance contract and do not hold any distribution mandate;
  2. in section B of the RUI but have not taken out a professional indemnity insurance contract;
  3. in section D of the RUI but do not hold any distribution mandate;
  4. in section F of the RUI but have not taken out a professional indemnity insurance contract and do not hold any distribution mandate.

However, after the removal, the intermediary who has been removed from section A or B of the RUI does not lose the professional requirement and may at any time apply for the reinstatement in the RUI, provided that it meets all the other requirements envisaged for registration.

In view of the high number of recipients, the starting and the concluding deeds of this type of proceedings are not notified personally to those concerned but are disclosed through adequate forms of publicity: publication in this section; publication of a notice on the proceedings in the Official Journal – General Series – and in one daily newspaper with nation-wide circulation (as envisaged in art. 8 (3) of Law no. 241 of 7 August 1990). Non-operating intermediaries are invited to consult the notices on ongoing and concluded proceedings.

In the area reserved to ongoing proceedings you can view the notices on the starting of the proceedings for the removal from the RUI for failure to carry on business, without good reason, for more than three years, for which the time limit for submitting supporting evidence or documents has not expired.

In the area reserved to concluded proceedings you can view the list of the orders of removal from the RUI for failure to carry on business, without good reason, for more than three years, adopted by IVASS after completing the relevant proceedings.