On 26 July, the Italian Institute for the Supervision of Insurance (IVASS) published a market letter on its website providing clarifications on the obligations under Council Regulation (EU) No. 269/2014 of March 17, 2014 (the “Regulation”).
IVASS reiterates that the prohibition to “make available, directly or indirectly, funds or resources to individuals or legal persons, entities, or bodies” subject to restrictive measures and freezing applies to all insurance companies and intermediaries – including the Italian branches of foreign companies and intermediaries) – under the provisions of the Regulation or Articles 4 and 4-bis of Legislative Decree No. 109/2007.
IVASS also specifies that the obligation to implement the necessary procedures and controls to identify “economic funds” subject to freezing applies to non-life companies. To this end, such companies are required to monitor the list of subjects against whom restrictive measures are used.
Notwithstanding, the Institute clarifies that non-life companies are not obligated to communicate to the Financial Intelligence Unit (UIF), according to Article 7, paragraph 1, of Legislative Decree No. 109/2007, except in cases where assets and economic resources are subject to restrictive measures due to the specific sanctions regime against Russia. In this latter case, companies and intermediaries shall send communications to UIF.