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Italy - Brexit: recent development on Contractual Continuity in insurance sector

04/03/2019

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Related topics: BrexitInsurance

Confirmation on the delivery of this information and on the adoption of said initiatives should have had to be communicated by the UK insurance undertakings to IVASS by November 30, 2018.

IVASS has also prepared a webpage addressed to consumers to inform them on Brexit impact.

In addition to the above, on January 24, 2019, the Italian Ministry of Economy and Finance has published a press release (N° 15 of 01/24/2019) informing that it has drawn up (in collaboration with the relevant Regulators) the measures necessary for ensuring the full continuity of the regulated markets (banking, insurance and intermediaries sectors) in the event of hard Brexit. However, said measures have not been issued yet since the plan is to publish them on around the Withdrawal Date even in the form of urgent decree.

According to the rumours, the decree should provide for a 21-month interim period (i.e. up to the December 2020) with a set of rules aimed at ensuring the continuity of the business of the UK operators in the Italian market.