ITALY Law and Practice Contributed by: Giovanna Aucone and Debora Gobbo, FIVERS Studio Legale e Tributario
1. Basis of Insurance and Reinsurance Law 1.1 Sources of Insurance and Reinsurance Law The main sources of insurance and reinsurance law in Italy are the Code of Private Insurance ( Codice delle Assicurazioni Private – CAP), issued with Legislative Decree No 209 of 7 September 2005 and the Italian Civil Code (Articles 1882–1932). The Civil Code defines the general concepts and principles of civil law that govern the insurance and reinsurance activity, while the CAP further outlines the regulatory framework for insurance and reinsurance business and the supervision of insurance and rein- surance companies. Italian insurance law has been further shaped by the relevant directives of the European Parliament and of the Council, in particular by the Insurance Distribu- tion Directive (Directive (EU) 2016/97 – IDD) and the Directive on the taking-up and pursuit of the business of Insurance and Reinsurance (Directive 2009/138/EC – Solvency II). On secondary level, the provisions of the Civil Code and the CAP are integrated and detailed by the regu- lations and provisions of the Insurance Supervisory Authority (IVASS). In its rulings, the Italian Supreme Court establishes general principles and provides interpretations of the legal provisions. Even though these rulings have no direct binding effects on the lower courts, the latter tend to follow the latest interpretations provided by the Supreme Court to avoid their rulings being appealed against on the basis of the established ruling of the Supreme Court. Common law and precedent are not relevant in the Italian jurisdiction.
2. Regulation of Insurance and Reinsurance 2.1 Insurance and Reinsurance Regulatory Bodies and Legislative Guidance The regulatory framework for insurance and reinsur- ance activity in the Italian market is provided for by the Civil Code and the Code of Private Insurance. In addition to the above main sources regulating insur- ance and reinsurance business in Italy, there are provi- sions and regulations issued by the supervisory bod- ies within their respective areas of competence as well as laws and decrees that regulate certain operational aspects of types of insurance or aspects of the insur- ance business (for example, Interministerial Decree No 18 of 30 January 2025 on the implementation and operational procedures for catastrophic risk insurance schemes). The regulatory bodies competent for the surveillance of the insurance and reinsurance activity in Italy are as follows. • IVASS ( Istituto per la Vigilanza Sulle Assicurazioni – Insurance Supervisory Authority) exercises super- visory functions over insurance and reinsurance companies, insurance groups, financial conglomer- ates including insurance and reinsurance undertak- ings, and insurance and reinsurance intermediaries. IVASS is further competent for the granting of the authorisation to carry out insurance and reinsur- ance activities on the Italian market and holds the registers of authorised insurance and reinsurance undertakings and insurance intermediaries. • CONSOB ( Commissione Nazionale per le Società e la Borsa – National Commission for Compa- nies and the Stock Exchange) oversees financial aspects of insurance-based investment products (unit-linked and index-linked policies), in particular the transparency of information provided and the fairness of product distribution. The supervision is carried out in collaboration with IVASS which remains competent for the insurance-related aspects of the policies. In recent years, the super- visory powers have been concentrated more and more with IVASS.
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