Anti-Money Laundering: Letters To The Market From IVASS Requesting Information From Life Insurers Operating In Italy

Author:DLA Piper
Profession:DLA Piper
 
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On 19 June 2019, the Italian Institute for the Supervision of Insurance (IVASS) issued two Letters to the Market requiring life insurers operating in Italy to send a structured set of information for the supervision of money laundering and terrorism financing risks, with reference to the financial year 2018. The request follows the one that was sent last year for 2017.

In particular, one Letter is addressed to life insurers with their head office in an EEA country that operate in Italy under the freedom to provide services. Those undertakings are required to provide IVASS, by 30 September 2019, with a spreadsheet presenting a breakdown of premiums earned in 2018 by each insurance intermediary, and a cover letter signed by a person duly authorized to represent the undertaking.

The other Letter is addressed to Italian life insurers and to Italian branches of life insurers with their head office in an EEA country or in a third country. In this case, information to be provided relates to the...

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