Italy Insurance Industry – Governance, Risk and Compliance

Italy Insurance Industry Regulation Overview

The industry is supervised and regulated by the IVASS, which supervises the technical, financial assets, and liabilities management of insurance and reinsurance companies, and their compliance with the applicable insurance laws and regulations.

The Italy insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.

Italy Insurance Industry – Key Regulators and Legislation

Italian Insurance Supervisory Authority (IVASS): IVASS governs the industry under the supervision of the Bank of Italy. The Private Insurance Code 2005 enacted on September 7, 2005, and last updated in September 2016 by Regulation No. 29 comprises the guidelines regulating the industry.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

A few of the laws regulating the Italy insurance industry are:

• Regulation No. 19 of 2008 on the procedure for submitting complaints to IVASS
• Regulation No. 19 of 2012
• Resolution No. 22 of 2014

• Regulation No. 29 of 2016 regarding provisions for local insurance companies

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Italy Insurance Industry - Compulsory Insurance

A few of the compulsory insurances required within the Italy insurance industry are:

• Motor Third-Party Liability Insurance
• Aviation Liability Insurance
• Marine Liability Insurance
• Professional Indemnity Insurance
• Social Security Insurance

Compulsory Insurance in Italy

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Italy Insurance Industry - Company Registration and Operation

Article 58 (1) of the Private Insurance Code, 2005, states that insurers and reinsurers must be authorized by the IVASS to operate in the country. Furthermore, intermediaries in the Italian insurance industry should be licensed by the IVASS to mediate insurance products in the country.

A license for reinsurance, granted by the IVASS, enables a reinsurer to offer products to insurers covering their financial risks. However, an unlicensed reinsurer can operate an insurance business under the freedom of services principle. Meanwhile, insurance companies can operate in reinsurance, and composite reinsurance is permitted.

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Italy Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Italy. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.

Corporate Income Tax: Corporate tax is known as IRES in Italy and is imposed on the worldwide income of resident companies and the Italian-sourced income of non-resident companies. The taxable income for a resident company is its business income which comprises net income earned in a financial period.

Ministry of Finance and Tax Income Agency, which is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration in the country administers the taxation. Corporate Income Tax Law, the Regional Tax on Productive Activities Law, the Individual Income Tax Law, and the VAT Law outline the rules and regulations relating to taxation in the country. The Ministry of Finance issues decrees and instructions to regulate taxation in the country.

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Scope

• The report covers details of the insurance regulatory framework in Italy.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
• The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

• The Istituto per la Vigilanza sulle Assicurazioni regulates the Italian insurance industry.
• Non-admitted insurance is prohibited by law. However, insurers from EU and EEA Member States can operate in the Italian insurance industry without obtaining a license from the IVASS.
• 100% FDI is permitted in the Italian insurance industry.
• Composite insurance is not allowed in Italy. However, life insurance can operate health and accident insurance.
• Solvency II was implemented across the EU effective from January 1, 2016.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in Italy.
• Track the latest regulatory changes and expected changes impacting the Italy insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices about various types of insurance products.