Companies which are involved in insurance activities in Italy will need to follow the regulations applicable under the Insurance Law, that is comprised of several main regulations, depending on the specific object of activity. In Italy, insurance can be performed for life and non-life purposes and our team of Italian lawyers can offer legal assistance on the overall insurance legislation.
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Rules of law for insurance in Italy
The regulations applicable to the insurance activities carried out in Italy were recently modified, after the inclusion of the Directive 2009/138/EC in the Italian legislation.
Thus, the structure of the regulations referring to insurance in Italy is established as follows:
• Pillar one – regulating the capital requirements established for insurance companies;
• Pillar two – regulations referring to the rights and obligations of the supervisory institutions of the insurance companies;
• Pillar three – regulations which refer to the transparency measures that have to be fulfilled in this activity.
Foreign businessmen who want to open a company in Italy performing insurance activities should know that the main institutions which regulate this field are:
• The Italian Insurance Regulatory Authority;
• The Bank of Italy.
Our team of lawyers in Italy can offer legal assistance on the registration requirements set up by the above mentioned bodies.
Insurance contracts in Italy
Insurance products are sold to natural persons or legal entities in Italy based on an insurance contract. The Italian legislation recognizes several types of insurance contracts. Parties interested can sign an insurance contract against damages with a company providing such products under the regulations of the Article 1882 of the Civil Code, which states that the party may claim financial rights for a specific damage, under the conditions agreed in the respective contract.
The same article stipulates that Italian citizens can also sign a life insurance contract for various events that can occur during the lifetime of a person.
Persons interested in finding out more information on the stipulations of an insurance contract can contact our law firm in Italy. Our attorneys can offer legal assistance on this matter.