On 9 February 2021, Legislative Decree No. 187 of 30 December
2020 (the "Decree") entered into force.
The Decree, adopted to integrate the provisions implementing
Directive (EU) 2016/97 (the "IDD"),
introduces a number of amendments to the Private Insurance Code
(the "Code"), with specific regard to
the distribution of insurance products.
1. New definition of (re)insurance distribution
activities
Among the main changes introduced by the Decree there is, under
Article 106 of the Code, a new definition of insurance and
reinsurance distribution activities.
The new definition, compared to the previous version, expressly
states that the advice activity, which falls within the group of
activities constituting insurance distribution, concerns advice as
defined in Article 1 paragraph 1, letter m-ter) of the Code, i.e.,
"the activity consisting in providing personalised
recommendations to a customer, at the customer's request or at
the distributor's initiative, in
