Italy Insurance Industry – Governance, Risk and Compliance

Pages: 99 Published: February 02, 2022 Report Code: GDIS0104RR

The Italy insurance industry research 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 policy practice in the market. It also includes the scope of non-admitted insurance in the country.

Italy Insurance Industry Dynamics

The Italian insurance industry is supervised and regulated by the IVASS, which supervises the technical, financial and assets, and liabilities management of insurance and reinsurance companies, and their compliance with the applicable insurance laws and regulations. On October 22, 2021, the IVASS published the agreement signed with the National Commission for Companies and the Stock Exchange for the collaboration and coordination of their respective control activities. The agreement aims to strengthen the protection of policyholders as well as the stability of the financial and insurance system. Also, there is in place an MoU to fight financial crime and comply with international standards signed between DFSA and bank of Italy in the UAE.

Italy Insurance Analysis by License Types

The key types of licenses issued in the Italy insurance industry are non-life insurance, life insurance, reinsurance, and composite insurance.

Non-Life Insurance

Non-life insurance class includes accident, disease, motor hull other than railways, sickness insurance, land vehicle insurance, railway rolling stock insurance, aircraft insurance, general liability insurance, legal expenses insurance among others.

Life Insurance

Life insurance class includes marriage insurance, birth insurance, pension insurance, capital redemption operations, death. In addition, Article 13(1) of the Act permits life insurers to underwrite accident and sickness insurance. 

Composite

Composite insurance is not permitted in Italy. However, in accordance with the Article 11 (3) of Private Insurance Code 2005, a life insurer can operate in health and accident insurance, though these are classes under a non-life insurance license. 

Reinsurance

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 insurance business under the freedom of services principle. Insurance companies can operate in reinsurance. Composite reinsurance is permitted. 

License for intermediaries

To mediate insurance products, intermediaries in the Italian insurance industry should be licensed by the IVASS. The intermediaries that can be licensed in Italy include agents, brokers, banks or financial institutions and sub-intermediaries.

Key Legislations

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. In addition, the industry is regulated by Regulation No. 19 of 2008, Regulation No. 19 of 2012, Resolution No. 22 of 2014, Regulation No. 29 of 2016 and Civil Code as approved by Royal Decree No. 262 of March 16, 1942. The insurance regulatory framework in Italy aligns with the EU directives, and the legislation is updated regularly to meet the changing market dynamics. IVASS governs the industry under the supervision of the Bank of Italy.

Italy Insurance Industry Analysis by Leading Bodies

The key bodies that oversee the Italy insurance industry are IVASS, IAIS, EIOPA and FERMA.

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

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

International Association of Insurance Supervisors (IAIS)

The IAIS, established in 1994, is a global, membership-driven organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. In addition to members, the association also includes 135 observers, representing industry associations, professional associations, insurers and reinsurers, consultants and international financial institutions.

European Insurance and Occupational Pensions Authority (EIOPA)

The EIOPA, which is a part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the EU. EIOPA’s main responsibilities are to support financial system stability, transparency of markets and financial products, and protection of insurance policyholders, pension scheme members and beneficiaries of all European Member States. 

Federation of European Risk Management Associations (FERMA)

FERMA was established in 1974 and is a member of the International Federation of Risk and Insurance Management Associations. It aims to lead and enhance the effective practice of risk management, risk financing, and insurance in Europe. 

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Market Report Overview

Key license types Life Insurance, Non-Life Insurance, Reinsurance, Composite, and license for intermediaries
Key bodies IVASS – Italian Insurance Supervisory Authority (Istituto per la Vigilanza sulle Assicurazioni), International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA)

Scope

This report provides:

  • Details of the insurance regulatory framework in the 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 taxation imposed on insurance products and insurance companies.

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 the 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 pertaining to various types of insurance products.

Table of Contents

Table of Contents

ITALY

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

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List of Tables

List of Tables

Italy – Corporate Tax Rates for the Financial Year 2021

List of 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

The key regulator in the insurance industry in Italy is IVASS – Italian Insurance Supervisory Authority (Istituto per la Vigilanza sulle Assicurazioni).

The insurance industry in the Italy is governed by the Private Insurance Code 2005.

The key types of licenses issued in the Italy insurance industry are non-life insurance, life insurance, reinsurance, composite, and license for intermediaries.

The leading bodies that oversee the Italy insurance industry in addition to IVASS are International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA).

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