JOINT PRESS RELEASE OF 7 OCTOBER 2014

Memorandum of Understanding between the Italian Insurance Supervisory Authority and
Antitrust in the consumer protection area in the insurance market

The President of the Italian Insurance Supervisory Authority (IISA), Salvatore Rossi, and the President of the Italian Competition Authority (ICA), Giovanni Pitruzzella, have signed a Memorandum of Understanding in the consumer protection area in the insurance market.

The Memorandum, which supplements the previous general Memorandum of Understanding dated 2 August 2013 on Antitrust – IISA co-operation, implies reinforced co-ordination between the two Authorities to ensure effective protection of consumers when dealing with insurance companies and insurance intermediaries even through the exchange of information and data acquired when exercising their functions, always respecting the principles of autonomy and independence.

In particular, the Memorandum aims to encourage the development of co-operation through:

-   the co-ordination of institutional interventions in areas of common interest;

-   the reporting of Antitrust to IISA in cases where, in proceedings under its jurisdiction, there are clear cases of violations by operators of the rules the application of which is the responsibility of IISA;

-   reporting the IISA to Antitrust in cases where, in proceedings pertaining to the IISA, there emerge hypothesis of incorrect commercial practices relating to the insurance industry;

-   the setting up of a working group on the implementation of the Memorandum in order to promote discussion on issues of common interest relating to consumer protection.

-   the exchange of documents and information on the proceedings by each Authority;

-   the request for an opinion on Antitrust by IISA for the adoption of measures in cases of unfair commercial practices.

Within one year from the date of signing of the Memorandum, the Authorities will initiate a process for the revision of the document, without the possibility of agreeing even before any additions and changes that may be necessary.

The whole document can be seen on the websites www.ivass.it and www.agcm.it.