Insurance Focus: IVASS – Survey on the sale of insurance policies in conjunction with non-insurance products or services

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On 30 October 2013 IVASS (the domestic regulator having supervisory authority over insurance undertakings and intermediaries) launched a survey on the sale of insurance policies (typically in the form of group policies) in conjunction with non-insurance products or services.

(i) Scope of the survey -

While acknowledging that the sale of insurance policies in conjunction with non-insurance products or services is widely spread as in Italy as abroad and that it can contribute to the development of the insurance market, IVASS intends to verify whether consumers are provided with at least the minimum level of protection in terms of: informed decision on the purchase of the policy (with the exclusion of “silence-assent” mechanisms); actual knowledge of the warranties provided by the policy so that they can be duly activated in case of claim; transparency on costs...

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Topics:  EU, Insurance Contracts, Insurers

Published In: General Business Updates, Insurance Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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