IVASS Measure no. 7 of 16 July 2012 (the “Measure”) implements article 22, paragraph 8, of Italian Legislative Decree no. 179 of 18 October 2012, converted into law no. 221 of 17 December 2012, and amends Isvap Regulation no. 35 of 26 May 2010 concerning the transparency and advertising of insurance products.
(i) Subject -
In accordance with the Measure, life and non-life insurance companies shall arrange suitable areas in their web sites reserved for each contracting party, through which it is possible to view the existing insurance policies, the contractual conditions, the payment status and the expiry dates and, limited to life insurance policies, the redemption value and updated valuations.
(ii) Objectives -
The stated purpose of the Measure is to foster a more effective management of the insurance relationships while enhancing transparency and streamlining the relationships between insurance companies and insured parties.
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