(only the Italian version is authentic)

Transcription

1 (only the Italian version is authentic) ANNEX 1 SUPERVISORY PROCEEDINGS SECTION I - OWN INITIATIVE SUPERVISORY PROCEEDINGS A. SUPERVISION OF INSURANCE UNDERTAKINGS, SAFEGUARDS, RECOVERY, WINDING UP AND PRECAUTIONARY MEASURES N. Proceedings Relevant provision Organisational Unit Deadline 1 Authorization to the pursuit of insurance business (as well as to the simultaneous pursuit of insurance and reinsurance business) in life and non-life classes. a) Undertakings with head office in Italy b) Undertakings with head office in a third State c) particular mutual insurance undertakings 2 Authorization to the pursuit of reinsurance business in life and non-life classes. a) Undertakings with head office in Italy b) Undertakings with head office in a third State 3 Authorization to the extension of insurance business (as well as to the simultaneous extension of insurance and reinsurance business) in life and non-life classes. a) Undertakings with head office in Italy b) Undertakings with head office in a third State c) particular mutual insurance undertakings 4 Extension of the date of commencement of business or of the period of non exercise of such 5 business Authorization to the extension of reinsurance business in life and non-life classes: Art. 13 and Art. 14 of the CAP Regulation no.10 of 2 January 2008, Articles 4 and 16 Art. 28 of the CAP Art. 55 of the CAP Art. 58 and Art. 59 of the CAP Art. 60 bis of the CAP Regulation no.33 of 10 March 2010, Art. 12 Art. 15 of the CAP Regulation no.10 of 2 January 2008, Art. 20 Art. 28 of the CAP Regulation no.10 of 2 January 2008, Art. 32 Art. 55 of the CAP Art. 240 (1) of the CAP 1

2 N. Proceedings Relevant provision Organisational Unit Deadline Undertakings with head office in Italy; Undertakings with head office in a third State Art. 59 bis of the CAP Art. 60 bis of the CAP Regulation no.33 of 10 March 2010, Art Notification to the supervisory authority of Art. 16 and 17 of the CAP another member State of the intention of an undertaking with head office in Italy to pursue business by way of establishment 7 Assessment of the materiality of the changes that an undertaking, already licensed to pursue business by way of establishment pursuant to Art. 16, intends to make to its activity Art. 16 and Art. 17 (5) of the CAP 8 Notification to the supervisory authority of another member State of the intention of an Art. 18 and Art. 19 (1, 2 and 3) of the CAP 30 days undertaking with head office in Italy to pursue business by way of freedom of services 9 Assessment of the materiality of the changes that an undertaking, already licensed to pursue Art. 19 (4) of the CAP. business by way of freedom of services pursuant to Art. 19, intends to make to its activity 10 Reply to the notification, by an undertaking with head office in Italy, of its intention to carry on Art. 21 of the CAP 30 days business under the freedom to provide services in the territory of the Italian Republic from a branch situated in another member State 2

3 N. Proceedings Relevant provision Organisational Unit Deadline 11 Objection/No Objection to the establishment of a branch in a third State by an undertaking with head office in Italy, or to the pursuit of business, in that State, under the freedom to provide services Art. 22 of the CAP 12 Communication, for health insurance, of the sickness tables and the other relevant statistical Art. 20 of the CAP Research and Data Management 20 days data 13 Authorization to the investment in categories of assets as cover for reinsurance technical Art. 42 bis (1) Art. 38 (4) of the CAP provisions other than those envisaged as a general rule 14 Authorization to the localization of assets in a third State Art. 38 (6) of the CAP Regulation no. 36 of 31 January 2011, Art Authorization to include further asset items in Art. 44 (4) of the CAP the solvency margin Regulation no. 19 of 14 March 2008, Art Authorization to deduct the amounts recoverable from special purpose vehicles from the required solvency margin as reinsurance amounts 17 Authorization to include further asset items in the solvency margin (reinsurance undertakings) Art. 44 (4) of the CAP Art. 66 bis (4) of the CAP Regulation no. 33 of 10 March 2010, Art Communication on the fulfilment of the Art. 45 and Art. 66 ter of the CAP conditions for including subordinated liabilities in Regulation no. 18 of 12 March 2008, Art. 16. the available individual and/or adjusted solvency Regulation no. 19 of 14 March 2008, Art. 22. margin Regulation no. 33 of 10 March 2010, Art

4 N. Proceedings Relevant provision Organisational Unit Deadline 19 Authorisation to change the documentation relating to issued liabilities. 20 Authorisation to carry out calculations for the adjusted solvency situation based on the method alternative to the method established. Art. 45 of the CAP Regulation no. 19 of 14 March 2008, Art. 22. Regulation no. 33 of 10 March 2010, Art. 94. Art. 30 and Art. 219 of the CAP Regulation no. 18 of 12 March 2008, Art Authorisation for the early repayment of subordinated loans Art. 45 (2) e) and (5) of the CAP Regulation no. 19 of 14 March 2008, Art. 15 and Art. 16 Regulation no. 33 of 10 March 2010, Art. 87 and Art Approval of the plan showing how and the means to keep the state of solvency for Art. 45 (3) of the CAP Regulation no. 19 of 14 March 2008, Art. 15; subordinated loans with a fixed maturity Regulation no. 33 of 10 March 2010, Art Authorisation for the repayment of securities with no specified maturity date and other Art. 45 (8) b) of the CAP Regulation no. 19 of 14 March 2008, Art. 17; financial instruments Regulation no. 33 of 10 March 2010, Art Granting of advantages to undertakings with head office in a third country operating in more Art. 51 of the CAP than one member State 25 Authorisation for the acquisition, on any basis whatsoever, of participations in an insurance or Art. 68 of the CAP 60 working days reinsurance undertaking amounting to a Isvap Communication no. 3 of 2 July 2009 controlling interest or making it possible to exercise a significant influence over the undertaking or representing a holding equal to or exceeding 10%, 4

5 N. Proceedings Relevant provision Organisational Unit Deadline or when the thresholds of 20,30 and 50 per cent of the capital or of the voting rights are reached or exceeded 26 Authorisation for the acquisition of controlling interests by insurance and reinsurance Art. 79 of the CAP undertakings in companies pursuing activities Regulation no. 26 of 4 August 2008, Art days other than those allowed to said undertakings paragraph 6 27 Authorisation to make a firm purchase commitment for the control of companies Art. 79 of the CAP 30 days pursuing activities other than those allowed to Regulation no. 26 of 4 August 2008, Art days insurance and reinsurance undertakings, (3), Art. 12 (6) including participation in auctions, the promotion of takeover bids or public exchange offers, or when the threshold for making a takeover bid is exceeded. 28 Authorisation for the acquisition of controlling interests by insurance and reinsurance Art. 79 of the CAP undertakings in companies pursuing activities Regulation no. 26 of 4 August 2008, Art days other than those allowed to said undertakings, (4), Art. 12 (6) through a subscription for shares linked to the conversion of bonds or through the exercise of the rights to acquire shares 29 Authorisation for the acquisition, on any basis whatsoever, of participations in parent Art. 84 (3) of the CAP Communication no. 3 of 2 July working days undertakings amounting to a controlling interest or making it possible to exercise a significant influence 5

6 N. Proceedings Relevant provision Organisational Unit Deadline or representing a holding equal to or exceeding 10 per cent or when the thresholds of 20,30 and 50 per cent of the capital or of the voting rights are reached or exceeded 30 Interpellation about the information note Art. 186 of the CAP Consumer Protection 31 Registration of the group in the register of insurance groups Art. 85 of the CAP Regulation no. 15 of 20 February 2008, Art Approval of the amendments to the articles of association of insurance and reinsurance Art. 196 of the CAP Regulation no. 14 of 18 February 2008, Art days undertakings Regulation no. 33 of 10 March 2010, Art Approval of the amendments to the scheme of operations of insurance and reinsurance Art. 197 of the CAP Regulation no. 14 of 18 February 2008, Art. 9 undertakings Regulation no. 33 of 10 March 2010, Art Authorisation of the transfer of all or part of the portfolio of Italian and third-country insurance Art. 198, Art. 200 and Art. 202 (1) of the CAP Regulation no. 14 of 18 February 2008, Art days and reinsurance undertakings Regulation no. 33 of 10 March 2010, Art Authorisation of the transfer of all or part of the line of business through the transfer of portfolio Art. 198, Art. 200 and Art. 202 of the CAP Regulation no. 14 of 18 February 2008, Art days of Italian and third-country insurance and reinsurance undertakings Regulation no. 33 of 10 March 2010, Art Authorisation of the mergers and divisions of insurance and reinsurance undertakings and of Art. 201 (1, 2, 3 and 6), Art. 202 (2) of the CAP Regulation no. 14 of 18 February 2008, Art days any changes to the articles of association Regulation no. 33 of 10 March 2010, Art Intra-group transactions subject to prior notification Art. 216 (2) of the CAP Regulation no. 25 of 27 May 2008, Art days 6

7 N. Proceedings Relevant provision Organisational Unit Deadline 38 Authorisation to perform acts by way of derogation from the prohibition of the free disposal of the undertaking s assets 39 Authorisation, for composite undertakings, of the transfer of those explicit items exceeding the solvency margin from one activity to the other with a view to implementing the restoration plans or short-term finance schemes 40 Authorisation, for composite undertakings, to use items making up the net assets included in the available solvency margin for one or other activity 41 Authorisation to the earlier closure of the extraordinary administration Art. 221 (2) and Art. 222 (3) of the CAP Art. 222 (5) of the CAP Regulation no. 17 of 11 March 2008, Art. 10 Art. 348 (3) of the CAP Regulation no. 17 of 11 March 2008, Art. 10 Art. 231 (5) and Art. 239 of the CAP 45 days 45 days 42 Authorisation for the implementation of restoration plans submitted by the extraordinary Art. 234 (4) and Art. 239 of the CAP commissioners 43 Authorisation to the extraordinary commissioners to start actions of liability Art. 234 (5) and Art. 239 of the CAP 44 Authorisation to the extraordinary commissioners to replace the auditing firm, the Art. 234 (6) and Art. 239 of the CAP auditing actuary and the appointed actuaries for life assurance and motor liability insurance 45 Authorisation to the extraordinary commissioners to convene the shareholders' Art. 234 (7) and Art. 239 of the CAP meetings and the other administrative bodies envisaged in Art. 231 (3) of the CAP 7

8 N. Proceedings Relevant provision Organisational Unit Deadline 46 Approval of the draft balance sheet of the extraordinary administration Art. 236 (2) and Art. 239 of the CAP 47 Decision on the report filed by the body having control functions or the shareholders concerning Art. 238 (2) of the CAP 120 days serious irregularities in the management which might be detrimental for the undertaking or its 48 subsidiaries Authorisation to the extraordinary commissioners of the ultimate parent company Art. 275 (4) of the CAP 45 days to dismiss or replace the directors of the companies of the insurance group 49 Authorisation to the extraordinary commissioners of the ultimate parent company Art. 275 (5) of the CAP 45 days to apply to the court for a declaration of insolvency of the companies of the insurance group 50 Merger or division of segregate funds and internal funds Art. 191 (1) e) of the CAP Regulation no.14 of 18 February 2008, Art Authorisation to outsource business to a supplier resident outside the EEA Art. 191 (1) c) of the CAP Regulation no.20 of 26 March 2008, Art Transfer and keeping of the insurance registers in places other than the head office or the branch Art. 101 of the CAP Regulation no.27 of 14 October 2008, Art Approval of the appointment of liquidators (undertakings in ordinary winding up) 54 Authorisation to liquidators to continue to perform specifically identified operations 55 Issue of an opinion to the court for the declaration of insolvency Art. 241 (1) of the CAP Winding up 45 days Art. 245 (6) of the CAP Winding up 30 days Art. 248 (1 and 2) of the CAP Winding up 30 days 8

9 56 Authorisation to carry out certain categories of actions 57 Authorisation to carry out the actions provided for in art. 35 of the bankruptcy law when their amount is more than 50,000 (reduction of credits, transactions, waiver to disputes, recognition of third-party rights, acts of 58 extraordinary Cancellation, administration) restriction, reduction of mortgages and constraints on the movable assets and cancellation of mortgage registration registered before the compulsory winding up in favour of the mass of policyholders and third party beneficiaries 59 Response to requests for information from the Authorities of other Member States on the winding up procedures for which IVASS is the competent authority 60 Authorization to start actions of liability against the former managers, the auditing firm and the auditing actuary, and to start the enforcement for corporate creditors against the company or entity in charge of its direction and coordination Art. 250 (3) of the CAP Winding up Regulation no. 4 of 17 December 2013, Art. 5 Art. 250 (3) of the CAP Winding up Regulation no. 4 of 17 December 2013, Art. 16 Art. 22 and Art. 245 of the CAP Regulation no. 4 of 17 December 2013, Art. 1 Winding up Art. 250 (4) of the CAP Winding up Art. 250 (5) of the CAP Winding up 61 Authorisation for liquidators to be supported by CONSAP S.p.A. or by third parties 62 Authorisation to the transfer assets and liabilities, business, lines of business as well as properties and legal relations en bloc Art. 250 (7) of the CAP Winding up Art. 257 (2) of the CAP Winding up 9

10 63 Authorisation of the agreement for the transfer of Art. 257 (3) of the CAP Winding up 45 days the portfolio, in full or by single insurance classes. 64 Authorisation to liquidators to take out loans, effect borrowing transactions and provide business assets as collateral 65 Authorisation to liquidators to change the composition of the assets entered in the register of representative assets 66 Authorisation to liquidators to make partial payments or execute partial allocations to all persons entitled 67 Authorisation to liquidators to acquire collaterals instead of setting aside provisions Art. 257 (5) of the CAP Winding up Art. 258 (2) of the CAP Winding up Art. 260 (2) of the CAP Winding up Art. 260 (4) of the CAP Winding up 68 Authorisation to the liquidators to file with the court the final documentation of the winding up Art. 261 (1) of the CAP Winding up 69 Authorisation to the liquidators of the proposed composition for the winding up Art. 262 (1) of the CAP Winding up 70 Authorisation to the liquidators for the audit of the Art. 250 of the CAP Winding up administrative compulsory winding up Regulation no. 4 of 17 December 2013, Art. 10 bis 71 Determination of the variable emoluments to be Art. 246 (3) of the CAP Art. 280 (3) of the CAP Winding up paid to the bodies in the proceedings Order no of 9 March

11 72 Approval of the agreement for the settlement of claims arising from navigation of vessels registered Legislative Decree no. 86 of 1 April days abroad 73 Decision on a complaint lodged by consumer Art. 67 novies decies, (1), leg. decree no. 206 of 6 Consumer Protection 120 days associations for the assessment of violations September 2005 referred to in legislative decree 209/ Approval of the lending plan drawn up by the undertaking Art. 38 of the CAP ISVAP Regulation no. 36/2011, art. 8 bis 75 Authorisation (in exceptional circumstances and at the undertaking's reasoned request) to Art. 38 of the CAP Regulation no. 36 of 31 January 2011, Art. 30 temporarily cover technical provisions by means (3) a) of investments in categories other than those envisaged under Titles I and II. Reg. no. 36/ Authorisation (in exceptional circumstances and at the undertaking's reasoned request) to Art. 38 of the CAP Regulation no. 36 of 31 January 2011, Art. 30 temporarily cover technical provisions by means (3) b) of investments in the categories of assets envisaged under Titles I and II, subject to higher limits than those envisaged in said Titles. Reg. no. 36/

12 STAGES OF PROCEEDINGS N. Proceedings Relevant provision Organisational Unit Deadlin e 1 Acknowledgement of the intention of an Art. 23 of the CAP Consumer Protection 30 days undertaking having its head office in another member State to pursue business in Italy under 2 the Acknowledgement right of establishment of the intention of an undertaking having its head office in another member State to pursue business in Italy under the freedom of services 3 Assessment of the materiality of the changes that an undertaking, already licensed pursuant to Art. 23, intends to make to its activity by way of establishment and notification to the competent authority 4 Consent to the home supervisory authority of the ceding undertaking in case of transfer of portfolio of insurance undertakings from other member States 5 Favourable opinion to the merger (or division) of an insurance undertaking with head office in Italy into an undertaking with head office in another member State, or to the setting up of a new company with head office in another member 6 State Opinion to COVIP on the setting up and exercise of open pension funds 7 Opinion of the Antitrust Authority in case of operations involving insurance undertakings Art. 24 of the CAP Consumer Protection 30 days Art. 23 (5) of the CAP Consumer Protection 30 days Art. 199 of the CAP Consumer Protection Art. 201 (4 and 6) of the CAP Art. 12, leg. decree no. 252 of 5 December 2005 Art. 20 (4) of law no. 287 of 10 October 1990 Supervisory Regulations and Policies 30 days 12

13 SECTION I - SUPERVISORY PROCEEDINGS AT THE INITIATIVE OF ONE PARTY B. SUPERVISION OVER INSURANCE AND REINSURANCE INTERMEDIARIES N. Proceedings Relevant provision Organisational Unit Deadline 1 Registration and reinstatement in the single Art. 109, Art. 110, Art. 111, Art. 112 and Art. 114 Insurance Intermediaries register of insurance and reinsurance of the CAP; Supervision intermediaries Regulation no. 5 of 16 October 2006, Art Removal from the single register of insurance Art. 113 (1) b) and (2) of the CAP Regulation no. 5 Insurance Intermediaries and reinsurance intermediaries of 16 October 2006, Art. 26 Supervision 3 Extension of mediation business to other Art. 116 (1) of the CAP Insurance Intermediaries 30 days Member States Regulation no. 5 of 16 October 2006, Art. 31 Supervision (2) 4 Establishment and change of a collaboration relation with an intermediary already registered in section E Art. 109 (4) of the CAP Regulation no. 5 of 16 October 2006, Art. 28 bis 5 Shift to another section of the register Art. 109 of the CAP Regulation no. 5 of 16 October 2006, Art. 29 and Art. 25 (1 and 2) 6 Issue of documents attesting registration in the Art. 109 (5) of the CAP single register of insurance and reinsurance Regulation no. 5 of 16 October 2006, Art. 25 intermediaries (2 and 3) Insurance Intermediaries Supervision Insurance Intermediaries Supervision Insurance Intermediaries Supervision 45 days 13

14 SECTION II - OWN-INITIATIVE SUPERVISORY PROCEEDINGS A. SUPERVISION OF INSURANCE UNDERTAKINGS, SAFEGUARDS, RECOVERY, WINDING UP AND PRECAUTIONARY MEASURES N. Proceedings Relevant provision Organisational Unit Deadline 1 Disqualification of the persons charged with administration, management and control Art. 76 (2) of the CAP after verifying that the functions, in case the competent corporate competent bodies fail to act corporate bodies have failed to act 2 Disqualification of the persons who hold posts in undertakings or groups of competing Decree Law no. 201 of 6 December 2011,converted into Law no. 214 of 22 December from the date undertakings operating in the credit, insurance 2011, Art. 36 indicated in the and financial markets (so-called prohibition of Regulation no. 42 of 18 June 2012, Art. 7 notice on the interlocking directorates) starting of the 3 Appointment of a Commissioner for the fulfilment of individual acts Art. 81 (3), Art. 229 (1) Art. 221 (1 and 3) a), Art. 239 Art. 275 (1) of the CAP proceedings from the expiry of the period assigned to the undertaking 4 Appointment of one or more provisional administrators Art. 81 (3), Art. 230, Art. 239 and Art. 275 of the CAP from the expiry of the period assigned to the undertaking 5 Appointment of another auditing actuary and determination of his/her fee in case of failure to Art. 105 (4) of the CAP 45 days after verifying the failure to act by the auditing company act 6 Revocation of the auditing actuary and of the appointed actuary Art. 105 (2, 3 and 4) of the CAP after verifying that the conditions exist 14

15 N. Proceedings Relevant provision Organisational Unit Deadline 7 Lapse of authorisation to the pursuit of insurance and reinsurance business 8 Approval of the appointment of liquidators in case of ordinary winding up 9 Replacement of liquidators and of the members of the control bodies (undertakings in ordinary winding up) 10 Appointment of extraordinary commissioners and of the members of the supervisory committee Art. 240, Art. 244 of the CAP after verifying the reasons for the Art. 241 (1) of the CAP Winding up 3 days lapse after verifying the conditions for winding up Art. 241 (4) of the CAP Winding up Art. 233 (1), Art. 239, Art. 275 (1) of the CAP 15 days of the extraordinary administration order 11 Revocation or replacement of extraordinary commissioners and of the members of the supervisory committee in case of loss of the requirements 12 Appointment of liquidators and of the supervisory committee (administrative compulsory winding up) 13 Appointment of a Commissioner for the fulfilment of individual acts in case of conflict of interest between the bodies in the proceedings and the companies if the insurance group 14 Request for an audit of the administrative compulsory winding up Art. 233 (2) after verifying the loss of the requirements Art. 246 and Art. 278 (1) of the CAP Winding up 3 days from the adoption of the winding up measure Art. 280 (2) of the CAP Winding up after Art. 250 of the CAP Regulation no. 4 of 17 December 2013, Art. 10 bis Winding up verifying the conflict 15

16 N. Proceedings Relevant provision Organisational Unit Deadline 15 Prohibition of the free disposal of assets Art. 221 (2), Art. 222 (3), Art. 225, (1), Art. 226, Art. 227 (5) of the CAP Prohibition to commence new business Art. 221 (3) b) of the CAP 17 Notification of the violation and order to comply with the provisions of the Italian law addressed to the insurance undertakings from other member States pursuing business in Italy under the right of establishment or the freedom to 18 provide Notification services of the violation and order to comply with the provisions of the Italian law addressed to the reinsurance undertakings from other member States pursuing business in Italy under the right of establishment or the freedom to 19 provide Adoption services of the necessary measures, vis-à-vis insurance undertakings from other member States carrying on business in Italy by way of establishment or by way of free provision of services, if the measures taken by the home State prove inadequate or in urgent cases of protection of the interests of policyholders and of those entitled to insurance benefits 20 Adoption of the necessary measures, vis-à-vis reinsurance undertakings from other member States carrying on business in Italy by way of establishment or from the expiry of the period assigned to the undertaking from the expiry of the period assigned to the undertaking Art. 193 (2) of the CAP Consumer Protection after verifying compliance with the provisions of the Italian law Art. 195 bis (2) of the CAP Consumer Protection after verifying compliance with the provisions of the Italian law Art. 193 (4) of the CAP Consumer Protection after verifying the conditions referred to in art. 193 (4) of the Art. 195 bis (4) of the CAP Consumer Protection after CAP verifying the conditions referred to

17 N. Proceedings Relevant provision Organisational Unit Deadline by way of free provision of services, if the measures taken by the home State prove 21 inadequate Lifting of the prohibition to commence new business Art. 221 (4) of the CAP 22 Request to submit a recovery plan Art. 222 (1) of the CAP 23 Approval of the recovery plan Art. 222 (1) of the CAP 24 Request to submit a short-term finance scheme Art. 222 (2) of the CAP Art. 195 bis (4) of the CAP after verifying that the undertaking has remedied that 60 situation days after verifying the shortage in the solvency margin from the date of submission of the plan after verifying that the solvency margin has fallen below the guarantee fund 25 Approval of a short-term finance scheme Art. 222 (2) of the CAP 26 Request for an intervention programme in case of negative adjusted solvency situation Art. 227 (1) of the CAP from the date of submission of the plan after verifying the negative result of the calculation of the adjusted solvency 17

18 N. Proceedings Relevant provision Organisational Unit Deadline 27 Measures in case of negative adjusted solvency situation Art. 227 (3) of the CAP from the date of submission of the 28 Indication of the supplementary or corrective measures of the recovery plan Art. 227 (3) of the CAP 60 plan days from the date of submission of the 29 Request for immediate measures aimed to eliminate or reduce the negative adjusted Art. 227 (4) of the CAP 90 plan days after verifying the solvency situation negative adjusted solvency situation 30 Freeze on the individual assets recorded in the register of assets representing technical provisions 31 Suspension or prohibition to advertise insurance products 32 Suspension or prohibition to market insurance products Art. 221 (3) c), Art. 222 (4) Art. 225 (2), Art. 227 (5) of the CAP from the expiry of the period assigned to the undertaking Art. 182 (4 and 5) of the CAP Consumer Protection after verifying the breach of the rules on transparency and fairness Art. 182 (6) and Art. 184 of the CAP Consumer Protection after verifying non compliance with the measures referred to under art. 182 (4 and 5) of the CAP 18

19 N. Proceedings Relevant provision Organisational Unit Deadline 33 Prohibition of the further marketing of life assurance products which have caused Art. 32 (4) of the CAP after verifying the imbalance systematic and permanent use of resources other than premiums and the relevant income 34 Suspension or withdrawal of the authorisation to the acquisition of the holdings referred to in art. Art. 68 (7), Art. 70 of the CAP 120 days after verifying the effects 68 or of the enhanced holdings referred to in art. resulting from the 70 of the insurance code (insurance or agreement referred to reinsurance undertakings) in art. 70 of the CAP 35 Suspension or withdrawal of the authorisation to the acquisition of the holdings referred to in art. Art. 84 (3) of the CAP (See Art. 68 (7) and Art. 70 of the CAP) 120 days after verifying the effects 68 or of the enhanced holdings referred to in art. resulting from the 70 of the CAP (ultimate parent holding agreement referred undertakings) to in art. 70 of the 36 Order to reduce the participations held by insurance and reinsurance undertakings Art. 81 (2) of the CAP 120 days CAP after verifying the danger to the undertaking s stability 37 Suspension of the voting right of the parties to voting agreements (insurance or reinsurance Art. 70 (2) of the CAP 120 days after verifying the effects undertakings) resulting from the agreement referred to in art. 70 of the 38 Suspension of the voting right of the parties to voting agreements (ultimate parent holding Art. 84 (3) of the CAP (See Art. 70 (2) of the CAP) 120 days CAP after verifying the effects undertakings) resulting from 19

20 N. Proceedings Relevant provision Organisational Unit Deadline the agreement referred to in art. 70 of the CAP 39 Suspension of the voting right of the holders of participations (insurance or reinsurance Art. 75 (2) of the CAP 120 days from the undertakings) in case of violation of the refusal to statements of independence submit the declaration, from the expiry of the period for submitting it, from discovering that data have been misrepresented or from the expiry of the 40 Suspension of the voting right of the holders of participations (ultimate parent holding Art. 84 (3) and Art. 75 (2) of the CAP deadline 120 for days complying from the refusal to undertakings) submit the declaration, from the expiry of the period for submitting it, from discovering that data have been misrepresented or from the expiry of the deadline for taking over the commitments 41 Order to stop or prohibit practices non-compliant Art. 67 novies decies, (3), leg. decree no. Consumer Protection 120 days after with the provisions on the distance marketing of 206/2005 verifying the breach of insurance contracts the rules on distance marketing 20

21 N. Proceedings Relevant provision Organisational Unit Deadline 42 Prohibition to outsource the internal auditing, risk management and compliance functions Regulation no. 20 of 26 March 2008, Art. 16 Art. 21 ter, Art. 25 and Art. 36 after verifying the conditions for the prohibition 21

22 STAGES OF PROCEEDINGS N. Proceedings Relevant provision Organisational Unit Deadline 1 Proposal to the Minister of Economic Development of partial withdrawal of Art. 242, Art. 243, Art. 244 (2 and 3) of the CAP 120 days after verifying one of the assumptions authorisation in art Proposal to the Minister of Economic Development of total withdrawal of authorisation Art. 81 (3), Art. 242 (4), Art. 243, Art. 244 (2 and 3) of the CAP 120 days from the expiry of the and ordinary winding up period assigned 3 Proposal to the Minister of Economic Development of withdrawal of authorisation and Art. 81 (3), Art. 242 (4 and 5), Art. 243, Art. 244 (2 and 3), Art. 264, Art days from the expiry of the administrative compulsory winding up (1 and 2) of the CAP period assigned 4 Proposal to the Minister of Economic Art. 241 (2, last sentence), Art. 245 Winding up 30 days Development of administrative compulsory (1), Art. 276 (1) of the CAP from the non-replacement winding up of an undertaking in ordinary winding 5 up Proposal to the Minister of Economic Development of total withdrawal of authorisation Art. 245 (1), Art. 276 (1) of the CAP 120 days after verifying the serious and administrative compulsory winding up of an irregularities and undertaking in extraordinary administration or in violations ordinary winding up 6 Proposal to the Minister of Economic Development of administrative compulsory Art. 265 of the CAP 30 days after verifying the pursuit of insurance winding up of an unauthorised undertaking business without being authorised 7 Proposal to the Minister of Economic Development to dissolve the undertaking s Art. 231 (1), Art. 239, Art. 275 (1) of the CAP 120 days after verifying serious irregularities and ordinary bodies financial losses 22

23 8 Proposal to the Minister of Economic Development for an extension of the extraordinary administration Art. 231 (5), Art. 239, Art. 275 (1) of the CAP 30 days from the expiry of the year SECTION II - OWN-INITIATIVE SUPERVISORY PROCEEDINGS B. CHALLENGES N. Proceedings Relevant provision Organisational Unit Deadline 1 Challenge of the resolution by the shareholder s meeting taken with the voting rights pertaining to participations for which the authorisations under article 68 have not been obtained, have been suspended or withdrawn, or for which the communication requirements under articles 69 and 70 of the CAP have not been met. 2 Challenge of the resolution by the shareholder s meeting taken with the votes of holders of qualifying holdings not complying with the good repute requirements 3 Challenge of the resolution by the shareholder s meeting in which insurance and reinsurance undertakings financial statements are passed Art. 74 (2) of the CAP 6 months of the decision or enrolment or lodging at the office of the registrar of companies Art. 77 (3) of the CAP 6 months of the decision or enrolment or lodging at the office of the registrar of companies Art. 102 (4) of the CAP 6 months from registration of the resolution in the registrar of companies 23

24 SECTION II - OWN-INITIATIVE SUPERVISORY PROCEEDINGS C. PROCEEDINGS RELATING TO INSURANCE AND REINSURANCE INTERMEDIARIES N. Proceedings Relevant provision Organisational Unit Deadline 1 Removal from the single register of insurance Art. 113 (1) a), c), d), e), f), g), of the CAP Insurance Intermediaries intermediaries (for reasons other than at the Supervision from the striking off or request of the party concerned) Regulation no. 5 of 16 October 2006, Art. 26 from the acquisition of the results of the periodic assessments made by IVASS or from receiving the notification of the loss of the requirements 2 Disqualification from registration or from the passing of the qualifying examination after Art. 71 and Art. 72 of pres. decree no. 445 of 28 December 2000 Insurance Intermediaries Supervision from the acquisition of the checks on self-certifications results of the periodic assessments made by IVASS or from receiving the notification of the loss of the 3 Suspension or prohibition from continuing to Art. 116 (4) of the CAP Insurance Intermediaries 90 requirements days from pursue mediation business under the right of Supervision gathering evidence of establishment or the freedom to provide services Regulation no. 5 of 16 October 2006, Art. 34 the breach in the territory of the Italian Republic in case of breach of general good provisions 24

25 ANNEX 2 - PROCEEDINGS RELATING TO CONTRACTS N. Proceedings Relevant provisions Organisational Unit Deadline 1 Open or restricted tendering procedures exceeding the Community threshold Leg. Decree no. 163 of 12 April 2006 Pres. Decree no. 207 of 5 October 2010 Regulation on administration and accounting of IVASS 3 from the expiry of the deadline for submitting offers or applications 2 Open or restricted tendering procedures not Leg. Decree no. 163 of 12 April 2006 Pres. Decree 210 days exceeding the Community threshold no. 207 of 5 October 2010 Regulation on from the expiry of administration and accounting of IVASS the deadline for submitting offers or applications 3 Other award procedures exceeding the Leg. Decree no. 163 of 12 April 2006 Pres. Decree 180 days from the Community threshold no. 207 of 5 October 2010 Regulation on expiry of the deadline administration and accounting of IVASS for submitting offers 4 Other award procedures not exceeding the Leg. Decree no. 163 of 12 April 2006 Pres. Decree 120 days from the Community threshold no. 207 of 5 October 2010 Regulation on expiry of the deadline administration and accounting of IVASS for submitting offers 25

26 ANNEX 3 PROCEEDINGS RELATING TO INTERNAL ADMINISTRATION N. Proceedings Relevant provision Organisational Unit Deadline 1 Termination of service on grounds of age Regulation for the legal and economic treatment of IVASS personnel, Art days 2 3 Provisional determination of pension benefits (INPS management of civil servants former INPDAP) Surrenders and mergers Leg. Decree n. 503 of 30 December 1992 Law n. 335 of 8 August 1995 Law n. 214 of 22 December Law n of 3 May 1967 Pres. Decree n of 29 December 1973 Law n. 29 of 7 February 1979 Law n. 482 of 27 October 1988 Law n. 45 of 5 March 1990 Leg. Decree no. 184 of 30 April payment of an advance on severance indemnity Leg. Art decree of the no. civil 151 code of 26 March 2001 Art. 12 regulation on social security and retirement pension 180 days 45 days 5 payment of an advance on severance indemnity Law no. 53 of 08 March 2000, Art. 7 (1) Regulation 15 days for parental leave on social security and retirement pension, Art payment of severance indemnity Art of the civil code Regulation on social security and retirement pension, Art Public competitions for the recruitment of Art. 21 (1,3 and 4) of law no. 576 of 12 August days permanent staff or staff under fixed-term, from the contracts Pres. decree of 12 December 2012 (IVASS' Statute date of - Art. 5 (1) o), the written tests, or 26

27 Leg. Decree No.368 of 6 September 2001, Pres. Decree no. 487 of 9 May 1994, Art. 11 (5) Regulation for the legal and economic treatment of IVASS personnel - Title II ( Articles 5-10) if based on qualifications, from the first meeting of the Commission 8 9 Appointment and assignment of successful and/or suitable candidates Assessment of probationary staff and Regulation for the legal and economic treatment of IVASS personnel - Title II (Articles 5-10) Regulation for the legal and economic treatment of from the notification of the commencement of the recruitment procedure 30 days confirmation of the appointment IVASS personnel - Title VII ( Articles 10 and 36) from the end of the probationary period If the employee does not receive any communication within the established deadline, the probationary period is successfully passed Hiring of personnel pursuant to law no. 68/99 (provisions on disabled persons' right to work) Annual staff appraisal procedure Law n. 68 of 12 March 1999 Regulation for the legal and economic treatment of from the favourable opinion of the Provincial 12 Decision on the hierarchical appeal against the IVASS personnel - Title VII (Art. 32 and Art. 33) Regulation for the legal and economic treatment of from the notification of the commencement of the staff appraisal exercise appraisal and the negative opinion IVASS personnel - Title VII (Art. 35) Pres. Decree no of 24 November 1971, Art. 6 from the date of filing the appeal 27

28 13 Economic progress and career development Regulation for the legal and economic treatment of IVASS personnel - Title VIII (Art. 37, Art. 38, Art. 40 and Art. 42) 14 Transition to executive career - additional test Regulation for the legal and economic treatment of for the scrutiny IVASS personnel - Title VIII Art Transition to executive career Regulation for the legal and economic treatment of internal competition IVASS personnel - Title VIII Art Disciplinary proceedings Regulation for the legal and economic treatment of IVASS personnel - Title IX Art Precautionary suspension from work without Law no. 97 of 27 March 2001, Art. 3 pay Regulation for the legal and economic treatment of IVASS personnel - Title IX Articles 59, and foll. 28 from the start of the appraisal, by the scrutiny committee, of staff eligible for advancement As to the advancements on a merit basis for executive staff, the period starts from the commencement of the procedure from the date of the exam from the date of the exam one year from the date of notification of the disciplinary charges from full knowledge of the facts on which the precautionary suspension is based

29 18 Review of the precautionary suspension on the Law no. 97 of 27 March 2001, Art. 3; a) from the grounds of: Regulation for the legal and economic start of the own- a) final or provisional judgements relating to the treatment of IVASS personnel - Title IX initiative proceedings facts that have led to the suspension or to new Articles 59, and foll. or from receiving the facts that have emerged, known to IVASS or application by the party disclosed by the party concerned; concerned; b) final or provisional judgements ordering b) 10 days from acquittals or dismissals for the offences referred becoming aware of the to Art. 3 (1) of law no. 97/2001 judgement 19 Early settlement of the disciplinary proceedings Regulation for the legal and economic treatment of 5 months by the employee that has been suspended from IVASS personnel - Title IX Art. 54 work without pay 20 Disciplinary proceedings started/continued after Law no. 19 of 7 February 1990, Art. 9 a) from the a final criminal conviction which may lead to the Law no. 97 of 27 March 2001, Art. 5 start/continuation removal of the employee (start/continuation within 180 days from the date when IVASS has become aware of the final conviction); b) 180 days from the start/continuation (start/continuation within from the date when IVASS has become aware of the final conviction) 29

30 21 Order for payment procedure Regulation for the legal and economic treatment of IVASS personnel - Title V (Art. 45 (2) from the request for clarification 22 Assignments outside IVASS on a personal basis Leg. Decree no.165 of 30 March 2001, Art days 23 Secondment Statute, Art. 8 (1) e) and f); Regulation for the legal and economic treatment of IVASS personnel - Title V Art Leave on various grounds Regulation for the legal and economic treatment of 30 days IVASS personnel Title V, Art. 24, Art. 26, Art. 27, Art. 28 and Art Leave periods pursuant to Art. 42 (5) of Leg. Decree no. 151 of 26 March 2001, Art. 42 (5) legislative decree 151/ Leave to care for civilian disabled Leg. Decree no. 119 of 18 July 2011, Art days 27 Unpaid compassionate leave Law no. 53 of 8 March 2000, Art. 4 (2) 30 days 28 Leaves (Art. 33 of law 104/1992) Law no. 104 of 5 February 1992, Art days 29 Other leave requests and absences Staff Regulations, Title V 30 days 30 Conversion of the employment relationship from full-time to part-time Leg. Decree no. 61 of 25 February 2000 Annex on part-time rules in the Staff Regulations 31 Termination of service for voluntary resignation Regulation for the legal and economic treatment of IVASS personnel, Title X, Art Termination of service for incapacity Regulation for the legal and economic treatment of IVASS personnel - Title X Art days from the expiry of the period for submission of applications 30 days 30 days from the assessment by the competent health facility 30

31 33 Release from service for health reasons Regulation for the legal and economic treatment of IVASS personnel - Title X Art Compulsory retirement Regulation for the legal and economic treatment of IVASS personnel - Title X Art Examination of the questions regarding the Regulation for the legal and economic treatment of implementation of the law or of internal IVASS personnel provisions on the legal and economic treatment of personnel 36 Legal and economic reconstruction of the Regulation for the legal and economic treatment of career IVASS personnel 30 days from the assessment by the competent health facility of becoming aware of the facts in the cases referred to in letter a), d) and e) of Art. 69 of the Regulation or from the expiry of the periods referred to in letter b) and c) of the same 90 article days - Human Resources Division (legal treatment) Accounting Division (economic treatment) or Management of Resources - Human Resources Management of Division Resources after - Human Resources Division (legal verifying the right to treatment) Accounting Division reconstruction (economic treatment) or Management of Resources - Human Resources Division 31