Italian watchdog starts proceedings against insurer Unipol

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Italy's watchdog has started proceedings against insurer Unipol Gruppo Finanziario S.p.A. after the insurer failed to fulfill a requirement to obtain clearance for its merger with Premafin Finanziaria S.p.A.

Unipol was asked by the regulator to sell assets in order to reduce its share in the life and nonlife insurance market to less than 30%, Reuters reported.

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