List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011 The general good provisions have been listed in compliance with the conditions envisaged by the EU Court of Justice; hence we have not included whole areas of legislation in the list, but we have selected the rules which contain additional requirements to the minimal provisions envisaged by the directives. However the list is not entirely exhaustive, therefore intermediaries must not be exempted from the duty to comply with the provisions concerning criminal law, tax law, money laundering, competition law, personal data protection, the Consumer Code, the other provisions envisaged by the Italian legislation implementing Community regulations applicable to insurance and reinsurance intermediaries and the rules of the consolidated law on financial mediation and the relevant implementing provisions for the distribution of class III and class VI insurance contracts referred to under directive 2002/83/EC by subjects licensed according to said consolidated law and implementing provisions.
SECTION I - INSURANCE REGULATIONS PRIMARY REGULATIONS GENERAL RULES Legislative Decree n. 209/05 - Insurance Code 7 September 2005 108, paragraph 3 Taking up of mediation business Subjects which may pursue mediation activity in Italy 116, paragraphs 2, 3 and 4 Taking up of business under the right of establishment and the freedom to provide services Procedure for the pursuit of mediation business in Italy and measures adopted by ISVAP in case of non-compliance with the general good provisions RULES OF CONDUCT Legislative Decree n. 209/05 - Insurance Code 7 September 2005 119, Duties and liabilities to Requirements for the distribution by banks and financial intermediaries Only as regards the provision limiting the distribution by banks and financial intermediaries to standard products 120 Pre-contractual information and rules of conduct s governing the pre-contractual information intermediaries must deliver to before concluding the contract and in case of subsequent significant changes or renewal Obligations in the field of adequacy of contractual proposals 121 Pre-contractual information in case of distance selling Information contents and arrangements
131, bis Motor liability premium and contract term disclosure Consumer information on the commissions payable by the undertaking to the intermediary 182, paragraphs 1 and 2 Advertising of insurance products Obligations in the field of advertising of insurance products by intermediaries 183 s of conduct General rules of conduct intermediaries must comply with when proposing and during the term of contracts SECONDARY REGULATIONS MEDIATION BUSINESS AND RULES OF CONDUCT ISVAP Regulation n. 5 - Insurance and reinsurance mediation and rules of conduct 16 October 2006 3, Scope Distribution of insurance contracts associated with the sale of goods or the provision of services The pursuit of such business on the Italian territory is subject to the notification procedure referred to under art. 33 of Regulation n. 5/06 furthermore, the provisions of Part III of Regulation n. 5/2006 indicated by this list as general good provisions shall apply to that business 3, paragraph 3 Scope Underwriting of collective policies for a remuneration on behalf of individual who pay the policy premium directly or indirectly, in full or in part The pursuit of such business on the Italian territory is subject to the notification procedure referred to under art. 33 of Regulation n. 5/06 furthermore, the rules of Part III of Regulation n. 5/2006 indicated by this list as general good provisions shall apply to that business 33 List enclosed to the register of insurance and reinsurance intermediaries Procedure for the pursuit of mediation business in Italy under the right of establishment or the freedom to provide services List of intermediaries having their head office or residence in another member State licensed to carry on business in Italy 34 Measures against intermediaries Measures taken by ISVAP in case of pursuit of business in Italy without the relevant notification or non-compliance with general good provisions
35 Arrangements for the pursuit of business s regarding the pursuit of business Prohibition for an intermediary to deal with undertakings not authorised or licensed to pursue business in the territory of the Italian Republic 41 Distribution requirements Requirements and arrangements for the distribution of insurance contracts by banks and financial intermediaries 42 Requirements for the pursuit of business s governing the staff involved in mediation business inside the premises of the intermediary Limited to EU intermediaries which use staff inside the premises having their residence in Italy 43 Marketing of supplementary pension plans s governing the marketing of supplementary pension plans by intermediaries 44 Multilevel marketing networks Requirements and arrangements for the distribution of insurance contracts via multilevel marketing networks 47 General rules of conduct s of conduct in the exercise of mediation business and in particular when proposing insurance contracts and in the management of the contractual relationship Compliance with the information requirements envisaged by legislative decree n. 196/2003 on personal data protection is required under (on confidentiality) 48 Conflicts of interest s governing the conflicts of interest when proposing and managing insurance contracts 49 Pre-contractual information Information for before a proposal or an insurance contract is underwritten 50 Information on possible conflicts of interest Information on possible conflicts of interest intermediaries must give to before a proposal or an insurance contract is underwritten
51 Information arrangements Arrangements and means by which the precontractual information must be furnished 52 Adequacy of contractual proposals Obligations in the field of adequacy and rules governing inadequate contracts 3 expressly applies to life assurance contracts 53 Documents to be provided to Documents the intermediary must provide to 56 Collective contracts Special provisions applicable to the collective contracts in which bear all or part of the economic costs connected with the payment of the premiums 58 Scope Distance mediation activity Intermediaries which may pursue distance mediation activity 58 bis, paragraphs 1 and 2, (b), (c), (d) and (e) Call centre Conditions governing the pursuit of mediation business through call centres 1, limited to the intermediary's taking responsibility for the acts done by the staff of the call centre he uses, and (c), limited to the possibility for the policyholder to be put in contact with the intermediary 59 paragraphs 1 and 2 (d) Special rules of conduct Behavioural obligations imposed on intermediaries pursuing distance mediation business The reference to the provisions of Regulation n. 5/06 referred to under paragraph 1 and that to the provisions of Regulation n. 34/2010 referred to under (d) can only be meant as referred to the provisions indicated by this list as general good provisions 60 Information for Pre-contractual information intermediaries must deliver in distance mediation
61 Mediation activity through the internet Information requirements regarding the web site MOTOR LIABILITY INSURANCE, LIABILITY FOR CRAFT ISVAP Regulation n. 23 Premium and contract terms disclosure in motor liability insurance and liability for craft 9 May 2008 9 Intermediaries' duties to provide information Information obligations and arrangements for intermediaries relating to the undertakings whose products they market and on the level of commissions they receive. PROMOTION AND DISTANCE MARKETING OF INSURANCE CONTRACTS ISVAP Regulation n. 34 Promotion and distance marketing of insurance contracts 19 March 2010 5 6 8,, (a), (b) and c) Prohibition of discrimination Marketing of unsolicited contracts Pre-contractual information 10 Sending of documents 11 Electronic file 12 14 15 Marketing via voice telephony Procedures for sale through the internet Unsolicited commercial communications Prohibition to use procedures aimed to prevent certain categories of from contacting the intermediary or underwriting the contract Prohibition to distance market insurance contracts without the express prior consent of the policyholder Information to be provided to before they are bound by a distance insurance proposal or contract Terms and arrangements for the transmission of documents to - Policyholder's' rights Possibility to put together a distance insurance contract by means of an electronic document underwritten with qualified electronic signature or digital signature Obligations regarding information and the transmission of the documentation in case of distance selling of contracts via voice telephony Information to be made available on the website and information obligation in case of placement of insurance contracts through the internet Obligation to gain the ' explicit consent to the sending of commercial communications by means of distance communication techniques
16 Commercial communications by means of distance communication techniques Obligation information in case of use of distance communication techniques for commercial communications even if made by third parties ADVERTISING OF INSURANCE PRODUCTS ISVAP Regulation n. 35 Information obligations and advertising of insurance products 26 May 2010 39 General characteristics of the advertising of insurance products Information obligations for intermediaries as regards the advertising of insurance products drafting rules 40 Advertising elements Information obligations for intermediaries as regards the advertising of insurance products content of the advertising message and arrangements for radio and tv commercials 41 42 56 paragraphs 2, 3 and 4 Advertising of returns of insurance products Advertising of insurance products by intermediaries Entry into force Information obligations for intermediaries as regards the advertising of life assurance products content of the advertising message Obligation of prior authorisation by the undertaking as regards the advertising messages of intermediaries Extension of the information obligations for intermediaries as regards the advertising of insurance products to life and non-life contracts underwritten before the entry into force of Regulation 35/2010