Italy Insurance Industry – Governance, Risk and Compliance

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Italy Insurance Industry Regulation Overview

The Italy insurance industry is supervised and regulated by the Istituto per la Vigilanza sulle Assicurazioni (IVASS), along with the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA). The Italy insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·       Italian Insurance Supervisory Authority (Istituto per la Vigilanza sulle Assicurazioni – IVASS)

·       International Association of Insurance Supervisors (IAIS)

·       European Insurance and Occupational Pensions Authority (EIOPA)

·       Federation of European Risk Management Associations (FERMA)

Compulsory Insurances ·       Motor Third-Party Liability Insurance

·       Aviation Liability Insurance

·       Marine Liability Insurance

·       Professional Indemnity Insurance

·       Social Security Insurance

Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

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Italy Insurance Industry – Key Regulators and Legislation

Italian Insurance Supervisory Authority (IVASS): IVASS supervises the technical, financial, and assets and liabilities management of insurance and reinsurance companies. It also takes note of their compliance with the applicable insurance laws and regulations. Some of its key responsibilities include issuing the applicant with a certificate of registration, renewal, modification, withdrawal, or cancellation. IVASS is also involved in protecting the interests of policyholders in matters relating to the assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claims, and other terms and conditions of the contract.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents 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.

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Italy Insurance Industry - Compulsory Insurance

Some of the key 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

Italy Insurance Industry Analysis by Compulsory Insurances

Italy Insurance Industry Analysis by Compulsory Insurances

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Italy Insurance Industry - Company Registration and Operation

A license is required to operate in the Italy insurance industry. 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. Intermediaries should be licensed by the IVASS as well, to mediate insurance products in the country. Insurers are only allowed to operate within those classes for which they have been granted a license. For example, an insurer with a life insurance license can only underwrite and sell life policies. But a life insurance company is also permitted to underwrite PA&H insurance.

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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: The Ministry of Finance and Tax Income Agency is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration in the country and administering the taxation. Corporate tax is known as imposta sul reddito sulle societa or 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.

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Scope

This report provides:

  • Details of the insurance regulatory framework in Italy
  • Details of the rules and regulations governing insurance products and insurance entities
  • Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
  • Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
  • Details of the 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 are permitted to operate in the Italian insurance industry without obtaining a license from the IVASS.
  • 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 Italian insurance industry.
  • Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
  • Understand key regulations and market practices pertaining to various types of insurance products.

Table of Contents

  • 1. ITALY

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance
    • 1.3. Non-Admitted Insurance Regulations
    • 1.4. Company Registration and Operation

      • 1.4.1. License
      • 1.4.2. Foreign Direct Investment / Ownership
      • 1.4.3. Minimum Capital Requirements
      • 1.4.4. Solvency Margins
      • 1.4.5. Reserve Requirements
      • 1.4.6. Statutory Return Requirements
      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium
      • 1.5.2. Corporate Income Tax
      • 1.5.3. Corporate Capital Gains Tax
      • 1.5.4. Value Added Tax

    • 1.6. Legal System
    • 1.7. Policy Practice

  • 2. About GlobalData
  • 3. Contact Us

Table

Italy – Corporate Tax Rates for the Financial Year 2023

Figures

List of Figures

Figure 1: Italy – Insurance Supervision and Control at Various Levels

Figure 2: Italy – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

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