Insurance and reinsurance—Italy—Q&A guide

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Insurance and reinsurance—Italy—Q&A guide
  • 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.
  • 2. What are the requirements for formation and licensing of new insurance and reinsurance companies?
  • 3. What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?
  • 4. What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?
  • 5. What are the capital and surplus requirements for insurance and reinsurance companies?
  • 6. What are the requirements with respect to reserves maintained by insurance and reinsurance companies?
  • 7. What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?
  • 8. What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?
  • 9. What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?
  • More...

Insurance and reinsurance—Italy—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in Italy published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2020).

Authors: Studio Legale Giorgetti—Alessandro P Giorgetti

1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

Decree Law No. 95 of 6 July 2012, as amended and converted into Law No. 135 of 7 August 2012, dissolved the Italian Private Insurance Supervisory Agency (ISVAP) and replaced it with the Insurance Supervisory Agency (IVASS), a department of the Bank of Italy.

From 1 January 2013, IVASS took over all functions carried out by ISVAP, including the power of authorisation, direction, inspection, enforcement of precautionary measures and sanctions, as well as the adoption of any regulation necessary for the sound and prudent management of undertakings, or for disclosure and fairness of behaviour by supervised entities, including the control of intermediaries, the financial promoters and agents listed in the Register of Insurance and Reinsurance Intermediaries (RUI). In contrast, the Register of Insurance and Reinsurance Loss Adjusters and the Italian Information Centre, responsible for providing information to parties entitled to compensation following an accident that has occurred in an EU member state (other than the country of residence of the party) and caused by motor vehicles registered and insured in one of the states of

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