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How is insurance business run in your market?
Have some general ideas of the Italian insurance landscape: Non-Admitted Insurance: Strictly prohibited unless otherwise provided by EU legislation.
Underwriters and insurance intermediaries (brokers, agents, post, bank, financial advisors)
All Insurers, reinsurers and intermediaries operating in Italy are subject to Government Supervision and need authorisation.
Please look up the supervising authority ISVAP -> “A guide for insurance undertakings” and “Single register of intermediaries RUI” (available in English)
Compulsory Insurance:
This insurance is mandated by Italian law under a monopoly scheme - INAIL.
Medical Expenses and Occupational Disease benefits are included under the Scheme. This does not preclude private cover being bought separately.
Compulsory Limits: personal injury € 5 Mio, property damage € 1 Mio (as of 2007)
Direct Loss Adjustment under certain preconditions - find out more go to Assistance – Claims support
Wordings: Italian
Currency: Euro
Policy Period: Annual
Cancellation Provisions: Generally 90 days in writing (registered letter) notice prior to expiration. Car insurance 2 weeks
Premium Taxes: Property, Casualty 22.25%; Automobile 12.5%;
Personal Accident/health 2.5%;
Broker of Record Letters: required, in compliance with latest insurance regulations
Outlook on Italy’s pension reform: Due to demographic trends and to the political and economic risks of pension instability, Italy has taken steps to profoundly reform its pension system, effecting access age and contribution rates. As different stages are implemented by the Social Security System, individuals are forced to make decisions about separate saving for retirement as a “second pillar” of their pension level.
Since the 2007 reform process, employee severance indemnity (TFR) will be redirected into supplementary pension products