To discuss the last regulations effects on Insurance IT operativity: this has been the goal of the first meeting of RGI Compliance & Regulation Observatory held in Milan last July 12th.
The regulatory adjustment effects on Insurers’ operativeness and IT systems are one of the hot topics for both Insurers and IT partners. Because of the several digital innovations and the increasing use of technology, they have to deal with the regulatory evolution both in terms of industrial and business point of view.
Market conditions in the P&C and life insurance industry remain highly competitive, and the pace of change is accelerating rapidly due to consumer change, technology advancements, and emerging competitive threats.
The law that will introduce the so-called “Spid” (Public system of digital identities) is expected in Italy by the end of January 2014. The so-called “Spid” will be a new way to access via web the Public Administration services and it is based on a unique profile and a single password.
The IVASS, in Italy, is working on a survey to monitor the Third Party Liability tariffs.
The use of the aggregators is increasing among the customers.
The review process of the European Regulation on insurance mediation (IMD II, Prips, Mifid) is deeply changing the juridical status of the insurance intermediary, increasing his duties and strengthening measures for the protection of consumer rights.
The three European authorities – i.e. European Commission, European Parliament and European Council – have reached an agreement to approve the implementing measures of the Solvency II directive.