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Italy: IVASS Consultation on complaints handling

11 April 2014
On 1 April 2014, IVASS launched a public consultation concerning amendments to ISVAP Regulation No. 24/2008 on the procedure for submitting complaints to IVASS and the management of complaints by insurance undertakings (the "Consultation"). The aim of the consultation is to align the Italian rules with the EIOPA Guidelines on Complaints-Handling by Insurance Undertakings and is broadly similar to mechanisms in place for other Italian financial institutions.

Pursuant to the Consultation, insurance undertakings are required to implement a complaints management policy which must be endorsed, and periodically reviewed, by the board of directors. Details of the complaints-handling procedure must be published on the insurance undertaking's website including information regarding how to submit a complaint, the office in charge of the management of the complaints, the possibility to file the complaint with IVASS or the alternative dispute resolution system.

The insurance undertaking receiving a complaint from the policyholder, must respond in plain language with a clear explanation of the insurance undertaking’s position when the complaint is rejected or partially accepted.

In addition, the timeline for the management of the complaints submitted to IVASS will be significantly reduced.

Finally, the Consultation fully extends the scope of the Regulation 24/2008 to EU insurance undertakings operating in Italy under both the freedom to provide services regime and through the establishment of an Italian branch (while to date EU insurance undertakings have been subject only to certain provisions of the above mentioned Regulation 24/2008).

The Consultation will end on 30 April 2014.

Please click here to download the Consultation (available in Italian only).

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