Following the recent investigations carried out with the Bank of Italy on Payment Protection Insurance (PPI) and the letter to the market issued by both the authorities on this matter at the end of August 2015, IVASS has now launched a survey in order to gain more detailed information on the structure of costs relating to this particular kind of insurance product. This latest action by the Italian regulator is indicative of the increased scrutiny of PPI in the Italian market.
The survey is addressed to all Italian undertakings (as well as European undertakings operating in Italy through a branch) and is aimed at collecting information regarding the size of the PPI market segment in 2014, including in particular:
- the premiums collected;
- the overall amount of provisions paid to distribute PPI products; and
- the number of PPI policyholders
In addition, undertakings will also need to disclose a number of specific pieces of information in relation to PPI product sold by banks alongside loans and PPI products sold on a stand-alone basis.
Undertakings will need to provide IVASS with the above information by accessing the relevant application (INFOSTAT) on IVASS website from 15 to 30 October 2015 – also in case no premium has been collected in connection with PPI products in 2014. More detailed instructions are contained in the Application Handbook (Manuale Applicativo), published on IVASS website. View Istituto Per la Vigilanza Sulle Assicurazioni