Governance, Risk and Compliance - The Italian Insurance Industry

Table of Contents

Table of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Civil liability insurance for motor boats and yachts

2.4.3 Social insurance system

2.4.4 Air carriers and aircraft operators' insurance

2.4.5 Professional indemnity insurance for healthcare professionals

2.4.6 Professional indemnity insurance for alternative investment fund managers

2.4.7 Clinical trials liability insurance

2.4.8 Liability for ships with respect to oil pollution

2.4.9 Professional indemnity insurance for insurance brokers and agents

2.4.10 Third-party liability insurance for remotely piloted aerial vehicles

2.4.11 Compulsory insurance for lawyers

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 European Insurance and Occupational Pensions Authority

2.5.3 Federation of European Risk Management Associations

2.5.4 Istituto per la Vigilanza sulle Assicurazioni

2.6 Non-Admitted Insurance Regulation

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premiums paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData's Services

3.5 Disclaimer

List of Figure

List of Figures

Figure 1: Italy-Insurance Supervision and Control at Various Levels

Figure 2: Italy-Insurance Regulatory Frameworks for Company Registration and Operation

List of Table

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Italy-Insurance Regulatory Framework Key Features

Table 3: Italy-Life Insurance Regulatory Framework

Table 4: Italy-Property Insurance Regulatory Framework

Table 5: Italy-Motor Insurance Regulatory Framework

Table 6: Italy-Bonus-Malus Framework

Table 7: Italy-Framework of change from deductible to bonus-malus

Table 8: Italy-Liability Insurance Regulatory Framework

Table 9: Italy-Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 10: Italy-Submission Dates for Reporting Obligation

Table 11: Italy-Submission Dates for Reporting Obligation

Table 12: Italy-Taxation on Insurance Products

Table 13: Italy-Corporate Tax Rates for the Financial Year 2018