Adoption of the European Insurance Distribution Directive: Consob amends the Intermediaries Regulation - Results of the public consultation (August 4, 2020)

The Commission has adopted the Resolution no. 21466 of 29 July 2020 [only Italian version], partially amending the Intermediaries Regulation.

The new regulatory text, aimed at transposing, at a secondary level of standardization, the IDD-Insurance Distribution Directive, was prepared in accordance with the new distribution of competences on the subjects supervised by CONSOB and IVASS, approved by the Italian legislator in the European Delegation Law for the years 2016-2017.

The drafting of the said legislation is the outcome of a broad deliberation process involving the two Authorities, aimed at identifying, with reference to the supervised subjects, rules of behavior as much uniform as possible in the context of IBIP-Insurance-Based Investment Product, regardless of the distribution channel used.

More in details, the changes entail the rewriting of the Fourth Book of the Intermediaries Regulation and concern the rules of conduct and the disclosure obligations to be followed by the intermediaries supervised by CONSOB (including banks, investment firms, "Poste Italiane") in IBIP distribution. The new provisions envisaged in this regard are coherent with the regulatory interventions carried out at the same time by IVASS, which result in changes to the Regulations on corporate governance, distribution and reporting of insurance products (nos. 38/2018, 40/2018 and 41/2018) and in the adoption of a new Regulation about the governance and control of insurance products (POG- Product Oversight Governance).

The new regulation, dictated by CONSOB and IVASS, aimed at completing the adaptation process to the IDD, provides for an entry into force on 31 March 2021, in order to grant a suitable adjustment time to all supervised entities.

Resolution no. 21466 of 29 July 2020 Amendments to the Consob Intermediaries Regulation [only Italian version]

Illustrative Report [only Italian version] (August 4, 2020)

Contributions received for consultation of September 23, 2020 [only Italian version] (August 4, 2020)

COMI opinion - Market Operators and Investors Committee [only Italian version] (August 2020)

Consultation document of September 23, 2019 - Amendments to the Consob Intermediaries Regulation relating to information obligations and rules of conduct for the distribution of insurance investment products, transposing Directive (EU) 2016/97 on Insurance Distribution (IDD) [only Italian version]