Two IVASS measures are about to enter into force introducing the dynamic digital risk certificate and new rules on assigning the universal conversion class.
From 1 June, the changes introduced by IVASS regarding the risk certificate come into force and we move on to the dynamic digital risk certificate. Let’s see what it consists of and what are the advantages for motorists that come from the application of the novelties.
Dynamic digital risk certificate: what changes
IVASS recently amended the regulation governing the content of the risk certificate (regulation no.9 of 2015). Order 71 of 2018 introduces new rules and substantially changes the way it is processed the risk certificate.
This is good news for policyholders, as the new rules that come into effect will help insurance companies avoid fraud. And less fraud also means fewer costs for honest drivers.
The main change is linked to the introduction of the dynamic digital risk certificate. By becoming dynamic, the risk claim will also be able to include what are known as late claims.
These are claims paid by the company after the expiration of the contract when the policyholder has transferred the insurance to another company. Furthermore, from next year, the claims paid relating to temporary insurance will also be indicated in the risk certificate.
We anticipated the arrival of the dynamic risk certificate a few months ago, but now is the time to prepare for the actual entry into force. The changes officially come into effect from 1st June and apply to policies expiring from 1st August. As always, the risk certificate is sent by the insurance company at least 30 days before the policy expires.
The risk certificate has been dematerialized a few years ago and is delivered in a digital version, which can be consulted in the reserved area of the insurance company’s website, in any app for the company’s smartphone and tablet, or via email. Those who prefer to contact a physical office and take out the policy with a broker or agent will be able to obtain a paper copy of the risk certificate free of charge.
Dynamic risk certificate: better assessment of claims
The changes introduced by IVASS aim at obtaining a better assessment of the insured’s policy number claims. This is possible because accidents settled by the insurance company after the expiry of the contract or close to the expiry date will also be included in the risk certificate.
We remind you that the risk certificate is one of the most important elements that companies evaluate to calculate the insurance premium. Until now, the accidents reported after the change of company were not promptly included in the risk certificate, and therefore the motorists concerned benefited from a better class of merit than they actually should have had.
Now things are changing and all accidents caused in the last five years will be included in the dynamic risk statement, even those caused with temporary insurance coverage.
Other news in risk certificates from 2019
From 1 January 2019 two other important changes will come into force in terms of risk attestation:
- claims related to temporary policies will be considered ;
- the previous claims table will contain all the accidents of the last 10 years.
These innovations, together with the adoption of the dynamic certificate, will make it possible to measure the number of accidents caused by the insured in a more precise manner and therefore to assess their danger.
First of all, from next year the claims caused during the term of temporary insurance will be indicated in the risk certificate. The claims will be reported in the risk certificate issued by the first insurance company with which the customer will stipulate an annual policy.
The second change concerns the extension up to 10 years of the accident observation period indicated in the so-called previous claims table. Until the end of 2018, the table will contain an indication of the accidents caused in the last 5 years. Starting next year and gradually, the number of years considered will increase to 10.
All accidents paid, even partially, are indicated in the claims table. The table shows both accidents with primary responsibility and accidents with equal responsibility, with an indication of the percentage of responsibility attributed to the driver.
Universal conversion class: the new rules
In addition to introducing the dynamic digital risk certificate, IVASS has also modified the rules for assigning the universal conversion class. It did so with provision 72. In particular, the provision clarified the methods for assigning the class of merit in the event of a transfer of ownership of the vehicle between married persons, cohabitants, and civilly united couples.
Article 7, paragraph 2, letter c) clarifies that in the event of the transfer of ownership of a vehicle between spouses, members of a de facto couple, or civilly united persons, the buyer retains the CU class associated with the vehicle. The previous owner of the vehicle ownership in turn keeps the CU class that he can use on another vehicle. Thus, the discipline of advantage initially provided only for married people is also extended to de facto couples and persons in a civil union.
The IVASS provision also clarifies that if the application of the Bersani Law is required for the assignment of the merit class, previous claims will not be taken into account.