Regulation Of Sale Of Life Insurance Policies Linked To Consumer Credit Contracts
On 3 May 2012, the Italian regulator ISVAP issued Regulation n.40, which regulates the sale of life insurance contracts linked to consumer credit contracts. The new regulation will come into force on 1 July 2012.
As of 1 July 2012, before issuing any consumer credit contract (e.g. a mortgage) which requires the consumer to take out a life-insurance policy, banks and other financial intermediaries must provide the consumer with at least two quotations from two different insurance providers. These insurance providers must not be linked to the bank or financial intermediary providing the consumer credit contract.
Regulation n.40 sets out the minimum requirements for any life insurance policy which is linked to a consumer credit contract. This is to...
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