In 2023, sanctions by European Data Protection Supervisors have increased by 14% compared to the previous year. In just one year, sanctions have risen from € 1.56 billion to € 1.78 billion. Such considerable increase is due also to the fine imposed by the Irish Data Protection Authority to META in 2023, which to date […]
Since the coming into force of Circular No. 33287 from the Directorate General of Motorization at the beginning of 2024 – which introduced changes to vehicle inspection procedures – and Legislative Decree No. 184/2023 on mandatory insurance, car inspections have gained renewed attention. The mandatory vehicle inspection, governed by law and regulated by Article 80 […]
As part of the increasing efforts to strengthen the capacity of the European Union to combat money laundering and terrorism financing (“AML/CFT”), on January 18th, 2024, the Council and the Parliament adopted a provisional agreement to protect EU citizens and the EU’s financial system, with the following fundamental objectives of the so called “AML Package”: […]
Since the early 1990s and until today, the number of disputes regarding the ownership of cultural property has grown exponentially worldwide. In this regard, the greatest plunder of cultural property has been made by the Nazis in the occupied territories between 1935 and 1944. In fact, they stole about 1/5 of all the cultural property […]
The European Securities and Markets Authority (ESMA) has published its analysis of exposures of securities, markets, and asset management of the EU to the real estate sector. According to ESMA’s analysis, studies conducted revealed (i) an increased levels of indebtedness within the real estate sector, leading to risk implications for non-bank financial market participants, and […]
On January 25, 2024, the Institute for the Supervision of Insurance (IVASS) issued a letter to the market regarding dormant life insurance policies, i.e., policies that haven’t been claimed by beneficiaries and are held by insurance companies awaiting expiration. In this regard, IVASS, in a letter dated November 22, 2023, had already provided insurance companies […]
On January 15, the European Insurance and Occupational Pensions Authority (EIOPA) released its report on the implementation of the Insurance Distribution Directive (IDD), regulating the distribution and design of insurance products in the EU since 2018. The report examines the developments in insurance distribution over the past two years. Compared to the previous report, EIOPA […]
Artificial intelligence (“AI”) is the technology of simulating human intelligence processes through the creation and application of algorithms embedded in a dynamic computing environment. To simplify, AI aims at creating computers which can think and act similarly to humans. It is notorious that AI is overwhelmingly spreading, with unpredictable outcomes. In this context, on December […]
The Italian Chamber of Deputies has recently approved the “Made in Italy” Draft Law on Yachting, resulting from the discussion between “Confindustria Nautica”, the Minister of Business and Made in Italy, the Ministry of Infrastructures and Transports and the draft law’s rapporteurs. The draft law will have to be approved by the Senate. The novelties, […]
On January 4, the European Insurance and Occupational Pensions Authority (EIOPA) published the results of a European comparative study on non-life insurance underwriting risk. With the study –based on non-life insurance contracts of 75 European insurers of 31 insurance groups– was the differences in internal models have been assessed to understand if and to what […]
