On 2 March 2023, IVASS launched a public consultation on a document providing amendments and integrations to its Regulation No. 40/2018 on insurance and reinsurance distribution.
In line with Legislative Decree no. 82/2005 (the Italian digital administration code or “CAD”), which provides for the right to the use of digital solutions and tools for persons using online services offered by, among others, independent administrative authorities - such as IVASS - the aim of the proposed amendments is to significantly change the procedures for accessing and managing the Register of insurance and reinsurance intermediaries kept by IVASS (“RUI”).
The Italian insurance regulator also intends to fully implement the provisions of Article 109, paragraph 1-ter of the Italian Insurance Code, according to which the RUI shall be easily accessible and shall allow full and direct registration, in line with the provisions of Article 3(2) of Directive (EU) 2016/97 (IDD).
In particular, according to the provisions currently in force, applications and communications are acquired by IVASS by means of an electronic form signed by the applicant or its legal representative in the case of a company, and sent by certified electronic mail (PEC). With the proposed new RUI portal, instead, operators will be able to submit and manage applications and communications by accessing the web portal directly.
The amendments and integrations proposed by IVASS mainly concern:
- access by operators to the new web portal of the RUI;
- perimeter of the entities allowed to operate directly on the web portal, which in continuity with what is currently provided, will be identified in (i) insurance intermediaries which are natural persons as well as legal representatives of companies registered in the RUI, (ii) legal representatives of insurance undertakings, e.g. for communications concerning direct canvassers enrolled in section C of the RUI and (iii) general representatives or branch managers of distributors authorised to operate in Italy under right of establishment;
- digital identification instruments with which qualified entities can access - according to the modalities that will be indicated by IVASS in technical instructions that will be published at a later stage - the RUI web portal, i.e. the public system for managing the digital identity of citizens and businesses (SPID), the electronic identity card (CIE) or the national service card (CNS);
- the procedure for examining applications and communications, without digital signature, through automatic processing by the system if particular verification requirements are met or, if not, through a specific assessment conducted by IVASS.
Moreover, with the proposed amendments the transitional regime envisaged for ancillary insurance intermediaries which so far have been temporarily allocated to section A of the RUI, will be repealed as the web portal provides for the implementation of the relevant section F.
As for distributors authorised to operate in Italy under freedom to provide services, which are not required to have a digital identity and therefore do not have the relevant digital identification instruments, the relevant communications to the RUI will be acquired through a functional mailbox that will be indicated by IVASS with separate instructions. In particular, EU intermediaries operating under freedom to provide services are obliged to notify any internet domain used for the distance promotion and placement of insurance contracts, as provided under IVASS Measure No. 128 of 20 February 2023 which recently came into force.
The proposed amendments also introduce new information obligations, to be fulfilled promptly and in any case no later than 30 days after the occurrence of the event, as follows:
- companies registered in section A, D, and F of the RUI would be required to communicate to IVASS information relating to appointments and terminations of their legal representatives;
- distributors operating in Italy under right of establishment would be required to communicate to IVASS information concerning appointments and terminations of general representatives or branch managers.
The proposed new rules provide for a transitional period during which the legal representatives of companies registered in the RUI or, in the case of distributors operating in Italy under right of establishment, the general representative or the branch manager shall carry out an accreditation procedure on the web portal of the RUI in accordance with the modalities and as of the date indicated under specific instructions that will be published by IVASS at a later stage.
The consultation will be open until 2 May 2023.
Authored by Silvia Lolli and Davide Valloni.