- Insurance and the relevant penalty system
The point of view of the jurist, the market and the Authority.
IVASS Regulation no. 39 established the new methods that regulate the administrative penalties for private insurance companies, implementing the European directive on insurance distribution (IDD) and the national legislation. Various innovations have been introduced, including:
- The rule of law concerning the relevance of the violation, replacing the principle of absolute lack of prejudice for the prompt exercise of the supervisory functions or for the interests of the policyholders and other beneficiaries;
- The direct eligibility also of natural persons when the failure to comply is a consequence of the violation of their own duties or of the affiliated body and when specific prerequisites are present;
- The limitation of the monetary penalties characterised by greater affliction, also in relation to the turnover;
- The introduction of penalty measures of a non-monetary nature, such as the temporary ban on exercising functions;
- The introduction of new criteria for rating the penalties;
- For certain cases, the unitary assessment of several violations of the same nature committed during a given period of time has been provided;
- The exceeding of the double penalty track (financial and disciplinary) for insurance brokers;
- The introduction of new forms of publication of the penalty provisions.
So many innovations which were discussed by three exceptional speakers - the IVASS Central Director Antonio De Pascalis, the ANIA Director and Secretary General of the ANIA Foundation Umberto Guidoni and the owner of the Hazan-Taurini firm of Milan Maurizio Hazan - during a stage of the Cattolica Lecture Day, a cycle of in-depth meetings of a legal-insurance nature organised by Cattolica Assicurazioni.