Insurance Arbitration Developments in Italy and Europe
Recent developments in insurance arbitration in Italy, including the legislative framework, introduction plans, and similarities to banking arbitrator. Learn about the significance of alternative dispute resolution procedures in settling insurance disputes efficiently.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
AIDA LISBON, 4th October 2019 INSURANCE ARBITRATION IN INSURANCE ARBITRATION IN ITALY : news and ITALY : news and developments developments Avv. Giorgio Grasso Partner BTG Legal
EUROPEAN LEGISLATION EUROPEAN LEGISLATION DIRECTIVE (UE) NO. 2016/97: Member States shall ensure that adequate and effective, impartial and independent out-of-court complaint and redress procedures for the settlement of disputes between customers and insurance distributors concerning the rights and obligations arising under this Directive are established in accordance with the relevant Union legislative acts and national law, using existing bodies where appropriate.
ITALIAN LEGISLATION ITALIAN LEGISLATION ARTICLE 187-TER PRIVATE INSURANCE CODE, INTRODUCED BY ITALIAN LEGISLATIVE DECREE NO. 68/2018: By decree of the Minister of Economic Development, in agreement with the Minister of Justice, on a proposal from IVASS, the alternative procedures for resolving disputes are determined. Criteria for the composition of the deciding body, so that its impartiality is assured along with the representativeness of the involved parties, as well as the nature of the disputes, relating to the insurance benefits and services deriving from an insurance contract. The procedures shall in any case assure the rapidity, cost-efficiency and effectiveness of the protection. These provisions do not prejudice the use of any other judicial procedure prescribed by law.
INSURANCE ARBITRATION HAS NOT YET BEEN INTRODUCED INSURANCE ARBITRATION HAS NOT YET BEEN INTRODUCED However, IVASS has included the alternative dispute resolution in the strategic plan relative to the period 2018-2020. the objective is expressed in the following line of action: to put in place the necessary management conditions for the introduction of insurance arbitration. IVASS will look at the ABF model (i.e. Arbitro Bancario Finanziario already implemented in Italy for banking and financial disputes) (see following slides).
SIMILAR TO BANKING AND FINANCIAL ARBITRATOR (ABF) SIMILAR TO BANKING AND FINANCIAL ARBITRATOR (ABF) Arbitro Bancario Finanziario (ABF) - Public body - established by law - Value limit: EUR 100,000.00 - Seven Panels : Bari, Bologna, Milano, Napoli, Palermo, Roma e Torino (territorial competence) - prior formalities to be complied with: In order to appeal to the ABF, the customer must have already gone through the intermediary s own complaint procedure - consumer fee : 20. If the ABF finds for the appeal, even in part, the intermediary must repay the claimant for the contribution - recommendation, not binding on either party (however, if the intermediary does not comply with a decision, its non-compliance is made public) - on 2018 27,000 applications. 69% of recommendation in favor of consumers - on 2018 32,000 recommendations
POSSIBLE BENEFITS POSSIBLE BENEFITS Opportunity to re-focus on business relation. Cheap solution (looking at ABF : 20 ). Quick solution (looking at ABF : 211 days).
THANK YOU VERY MUCH FOR YOUR THANK YOU VERY MUCH FOR YOUR ATTENTION! ATTENTION! AVV. GIORGIO GRASSO, PHD PARTNER BTG LEGAL ROME - ITALY E. G.GRASSO@BTGLEGAL.IT
