(Finance) – TheIVASS (Institute for Insurance Supervision) communicated that it was reached an agreement between five major insurance companies and 25 distribution banks for solve the Eurovita crisis, an insurance company that was placed under extraordinary administration at the beginning of the year. Based on the agreement, the policies Eurolife will come transferred to a new entity in the process of being incorporated by the five companies.
The Authority does not directly mention the large insurance companies involved, but they have signaled their participation in the operation in a series of press releases with similar content. It’s about UnipolSai Assicurazioni, Allianz, General InsuranceIntesa Sanpaolo Vita (group Intesa Sanpaolo) and Poste Vita (group Italian post).
With provision 0159483 of 30 June 2023, IVASS ordered the extension of the effects of the suspension of the policyholders’ right to exercise redemptions regulated by the insurance and capitalization contracts entered into with Eurovita.
The extension is necessary for “allow for the orderly transfer of policies“, reads a note. It covers the period until October 31, 2023to prudentially take into account the possible technical times required for carrying out the transfer itself.
The large insurance companies involved have stressed that the operation “provides a clear sign of trust” to the market and customers of Eurovita.