On 30 June 2021, the Bank of Italy issued amendments to Circular No. 285 of 17 December 2013 on “Supervisory provisions for banks”. In particular, these amendments replace Part First, Title IV, Chapter 1, of Circular No. 285, on corporate governance requirements, and aim at aligning Circular No. 285 with the provisions of Directive (EU) 2019/878 of 20 May 2019.

On 18 December 2020, the EIOPA (European Insurance and Occupational Pensions Authority) released a communication recommending insurance undertakings to maintain extreme caution in dividend distributions, share buy-backs or variable remunerations. These operations should not exceed thresholds of prudency and institutions should ensure that the resulting reduction in the quantity or quality of their own funds remains at levels appropriate to the current levels of risk. 

1) Recommendations on dividend distribution.

2) Extension of the deadline for the fulfillment of the ongoing education requirements for insurance intermediaries.

Following the entry into force of Article 42 of decree-law 17 March 2020 no. 18 (Cura Italia decree), converted into law 24 April 2020 no. 27, that clarified that ascertained cases of infection caused by COVID-19 during work should be qualified as injuries, a discussion took place with regards to the possibility to transfer such qualification also with regards to private injury policies.