IVASS releases clarifications on Order no. 97/2020: prohibition to register collaborators in the RUI for intermediaries operating in FOS!

IVASS has specified that commencing from 31 March 2021 intermediaries operating under the freedom to provide service (FOS) in Italy cannot register their collaborators in the Register of Insurance Intermediaries (RUI) anymore.

Such prohibition arises out from amendments to the IDD (specifically, IVASS Regulation no. 40/2018) introduced by Order 97/2020. In particular, the provision governing the registration of collaborators have been supplemented by providing that such rules only apply to European intermediaries who are authorized to operate in Italy under the regime of establishment. The previous version of the Regulation, on the contrary, granted this option to all European intermediaries authorized to operate in Italy. 

The Order at issue, published on the IVASS institutional portal 23 March, was had necessary to clarify the regime applicable to collaborators of intermediaries operating in FOS currently registered in the RUI under the previous regulations.

IVASS clarified that, in the absence of initiatives and communications from the companies concerned as to how such collaborations will be managed in the future (including the possibility to open a branch in Italy), an automatic cancellation procedure will be commenced for external collaborators (registered in Section E of the RUI) of intermediaries operating in Italy under the FOS.

IVASS has not, to date, provided any further clarification on the range of possible alternative initiatives (if any) to set up a branch in Italy in order to avoid cancellation of their external collaborators.

The professionals below remain at your fully disposal for any clarification or further assistance.