On 13 July 2023, the European Banking Authority (EBA – hereinafter also referred to as the “Authority”) published its fourth biennial opinion on the risks of money laundering and terrorist financing in the EU financial sector (EBA/Op/2023/08 – hereinafter also referred to as the “Opinion”). EBA has issued the Opinion in accordance with the Article […]
On 18 July 2023, a Letter to the Market was published to provide interpretative and operational clarifications regarding IVASS Regulation No. 2022/51 (the “Regulation“), setting forth provisions concerning the implementation of an online matching system between insurance undertakings operating in Italy in the Branch motor vehicle liability. Article 5 of the Regulation provides that insurance […]
EIOPA will coordinate the first joint mystery shopping exercise on insurance sales in some EU countries. In this experiment a so-called “mystery shopper”, i.e. a specially trained employee acting as a potential customer, assesses the customer experience in practice and experiences the key stages of a product’s life cycle, both through actual visits to the […]
On 23 June 2023 the International Association of Insurance Supervisors (IAIS) launched the fourth and final public consultation on the Insurance Capital Standard (ICS), prior to its planned adoption in December 2024. After decades of development and three consultations, the ICS should be adopted as a prescribed capital requirement (PCR) for Internationally Active Insurance Groups […]
On 4 July 2023, the European Commission presented a proposal for a regulation aimed at establishing new procedural rules to facilitate the application of Regulation (EU) 2016/679 (GDPR) on the protection of personal data in cross-border cases, i.e. in cases where the affected individuals are located in more than one Member State, with the consequent […]
On 26 June 2023 at the most recent workshop organised by IVASS, the Authority presented the results of the survey on the simplification and clarity of insurance contracts. The clarity and simplification of policy wording is not a new issue for IVASS. In fact, Ivass: has already addressed this aspect in 2018, publishing the “Simple […]
On the 14th of June 2023, the European Parliament approved the proposal for a Regulation on Artificial Intelligence – “Artificial Intelligence Act” (hereinafter also only the “AI Act” or the “Regulation”), first proposed on 21.04.2021 by the European Commission . The Regulation in question aims to ensure that the use and development of AI takes […]
The European Securities and Markets Authority (ESMA), – by means of a Call for Evidence (CfE) has invited companies subject to Directive 2014/65/EU – i.e. investment firms and credit institutions providing investment advice, Fund management companies (UCITS) and external alternative investment fund managers (AIFMs) – to submit inputs on the integration of sustainability preferences into […]
In recent years, EU Institutions have been asking large companies operating in the EU to assume an increasingly responsible attitude towards the protection of human rights and the environment. In this regard, on June 1, 2023, the European Parliament adopted the amendments to the Corporate Sustainability Due Diligence (CSDD) Regulation and amending Directive. This Directive […]
With judgment no. 2193 of 24 January 2023, the Supreme Court’s Legitimacy Judges revisited the subject of how to successfully complete Certified Electronic Post (PEC) transfers in the event that the recipient’s mailbox is full. This issue concerning PEC has been the subject of attention on several occasions by the Supreme Court of Cassation, which […]
