Regulatory insights in the Insurance Sector: challenges and compliance in Italy

1. The Regulatory framework in Italy

In Italy, insurance, reinsurance, and insurance and reinsurance intermediation activities are regulated sectors that can only be conducted by legal entities meeting specific requirements and obtaining prior authorization from the Italian Institute for the Supervision of Insurance (IVASS). IVASS plays a key role in overseeing these sectors, ensuring that companies and intermediaries comply with legal and regulatory frameworks. It also monitors their financial stability to protect policyholders and maintain market integrity. In addition, IVASS is dedicated to safeguarding consumer rights by promoting transparency and fairness in insurance contracts and addressing complaints. Furthermore, it develops and enforces regulations that implement the principles outlined in the Codice delle Assicurazioni Private (Private Insurance Code), which serves as the primary legislative framework for insurance in Italy. IVASS also collaborates with European and international supervisory bodies to align Italian practices with global standards, ensuring the stability and proper functioning of the market.
In the first section of this article, we offer a high-level overview of the key requirements that businesses and insurance intermediaries must fulfill to operate in the fields of insurance, reinsurance, or insurance intermediation in Italy.
In the second section, we focus on some of the most recurring issues and exceptions

For further information please contact: Nicolò d'Elia nicolo.delia@cms-aacs.com