divided among the 5 “big” insurance companies – Corriere.it

A stew divided into 5 company branches. That might solve the matter Eurovita, the insurance company commissioned at the beginning of February and under extraordinary administration since the end of March and with 353,000 bank customers involved and 15.3 billion euros of funds invested in policies, frozen until June 30 by IVASS, the authority that supervises insurance.

The solution found by extraordinary commissioner Alessandro Santoliquidounder the direction of the Ministry of Economy, explains the newspaper The print, consists of dividing between the big 5 — Life, Alliance, Generali, Poste, Unipol — the premium package of over one billion euros through the creation of 5 identical business branches, one for each company that would take it over by acquiring policies and customers. The company and the Eurovita brand would disappear. The goal is to secure the investments of savers who would thus find their contract stipulated with one of the big 5.

But time is running out. why the June 30 deadline looms and therefore the risk is approaching that savers may liquidate their investment with unblocked policies. The senator of Italia Viva Ivan Scalfarotto presented a question to the ministers of business and the economy, Adolfo Urso and Giancarlo Giorgetti, on the case to find out what initiatives they want to adopt to guarantee the full solvency of the insurance company and restore the system of redeemability of the policies concerned.

The consumer associations they are asking for an intervention by the insurance and banking world to favor the transfer of policies and underlying funds, anticipating – explain Adoc, Adusbef, Adiconsum, Altroconsumo, Assoutenti, Casa del consumer, Cittadinanza Attiva, Codacons, Codici, Confconsumatori, Federconsumatori, Movimento consumer, Citizen defense movement, Udicon and National Consumer Union – possible redemptions to policyholders in exchange for underlying investments which, according to the supervisory institute, are real and solid (maturity) and only depreciated due to the effect of the current inflationary push that has caused losses also on European government bonds issued a few months ago: in this way the policyholders would obtain that serenity that would allow them to maintain the investment without resorting to redemption.
And on Monday a public assembly organized by Federconsumatori will be held in Bologna for savers involved in the crisis of the insurance company.