BNP Paribas Italy News & Press Release
May 6, 2016 - ,

BNP Paribas and BNP Paribas Cardif together to address the latest regulatory news in the insurance field

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It was held on Wednesday May 4th, at the headquarters of BNP Paribas in Piazza San Fedele 1/3 Milan, the round table dedicated to the theme “PRIIPS and KID from the perspective of a life insurance company: new regulations and technical aspects“. The initiative was organized by BNP Paribas and BNP Paribas Cardif, the Group’s insurance pole and the 7th insurance Company1 in the Italian market, with the aim of sharing with operators some reflections on recent regulatory changes and it round up more than 20 leading Italian and foreign insurance companies.

This event is part of a wider program of initiatives promoted annually by the two companies to promote and spread the insurance culture through debate on issues of topical interest for industry players. This purpose is in line with the mission of the BNP Paribas Group: serve their customers by creating long-term relationships and helping them to achieve their personal and professional projects. In particular, the meeting of May 4th, entirely devoted to the EU Regulation 1286/2014 on PRIIPS/KID, was an important occasion to shed light on the latest regulatory developments, with a specific focus on life insurance products, thanks to the intervention of authoritative experts and to the support of the expertise of BNP Paribas Group.

Isabella Fumagalli, CEO of BNP Paribas Cardif in Italy, opened the conference with an emphasis on the growing complexity of the current environment, characterized by strong requirements for protection of both insured clients and intermediaries. “The challenges posed by the regulatory framework must not be perceived as a constraint but as an opportunity to meet and overcome the real challenge which is not related to the markets but to the achievement of the trust of customers.” commented Fumagalli. “As a top market player and a pioneer in multi-branch, we feel the responsibility to play a leading role in the promotion of insurance culture in the face of the regulatory evolution, in order to build a relationship with the end customer based on honesty, professionalism and transparency.”

Following, lawyer Dario Savoia, Responsible of the Legal Department of BNP Paribas and Chairman of ACEPI, and Vincenza Silvestri, Head of Structuring of BNP Paribas for Italy, shared with all the participants the views and the expertise of BNP Paribas as a product manufacturer. The new regulatory frameworks for the “product” factories were analyzed with the support of the laywer Andrea Polizzi, Partner of the law firm D’Argenio Polizzi and Associates, while Professor Giovanna Zanotti of SDA Bocconi, also member of ESAs Consultative Expert Group of PRIIPS, studied the issues related to risk indicators and to the KID cost.

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