On April 18, 2018 IVASS issued a circular letter addressed to EU insurance undertakings acting in the Italian market on a free of services basis regime and under the right of establishing a branch regime, in order to push them for implementing the guidelines on simplification of insurance policies circulated by the ANIA on March 6, 2018 and developed by a worktable including insurance undertakings, insurance intermediaries and consumers’ organizations.
The guidelines define a new structure for insurance contracts, more clear and understandable, also in language, with the aim of promoting consumers understanding and exercise of their rights.
The implementation of these guidelines is also supported by a letter to the market on March 14, 2018 by IVASS, which includes the following timetable for the contracts revision according to the guidelines:
In a nutshell, the above guidelines include the following main criteria:
In the IVASS Circular Letter dated March 14, 2018 it is provided that insurance undertaking must:
The IVASS requested the insurance undertaking also to specify, in the revised policies concerning products other than car insurance liability, the time limit to liquidate the damages to the insured party.