ITALY – CESIA GATHERED MORE THAN 300 KEY PLAYERS OF THE DISTRIBUTION MARKET IN ITALY
CGPA Europe Italy organized CESIA’s annual meeting — which was held through a videoconference and gathered more than 300 attendees.
CESIA is an institution created by CGPA Europe to promote the prevention of professional indemnity risks. It is intended to bring together intermediaries, insurance companies, but also Italian regulators, university professors and magistrates around the issue of good professional practice and the professional indemnity of insurance intermediaries. CESIA’s work, which is the subject of public meetings and publications, has led through the years to the emergence of practical solutions designed to reduce the risk of claims and contribute to strengthening the professionalism of intermediaries.
This new CESIA annual meeting was focused on the implementation of all the product oversight and governance (POG) requirements issued by IVASS (Italian Institute for Insurance Supervision) on August 4th, 2020, as contained in the IDD. These new measures, in line with the primary Italian legal framework :
- identify the roles and responsibilities of the entities involved in the distribution process of insurance products ;
- identify the elements to be taken into account regarding the identification of the target market ;
- define information flows between insurers and distributors ;
- regulate the distribution mechanisms of insurance products ;
- and prescribe specific control obligations on the part of the entity responsible for insurance distribution for distributors of insurance products registered in Sections A (agents), B (brokers) and F (ancillary insurance intermediaries) of the Single Register of intermediaries.
This presentation, made by Italo Partenza, Founder at ITC Law, focused on the consequences of this new regulation for insurance intermediaries, and the changes that this will bring about for their profession.
The videoconference ended with a round table around the expected behaviour of insurance Intermediaries faced to the new regulation, moderated by Massimo Michaud and with the participation of Elena Bellizzi (IVASS), Nidia Bignotti (Founder BdA Bignotti e d’Acquarone), Sara Landini, and Pierpaolo Marano (members of the CESIA scientific committee).
This annual meeting, created by CGPA Europe Italy in 2015, has always been a great success in the Italian insurance sector, and contributes every year to the evolution of thinking around the Italian intermediation sector, thanks to the rich interventions of its eminent participants.
For more information, click here (Italian version): https://www.cgpa-europe.it/che-cosa-cambiera-per-gli-intermediari-con-la-nuova-normativa/