On October 6 IVASS has published -for public consultation- the draft of a letter to the market (the “Letter”), wherein the Italian surveillance authority clarifies its expectations regarding the implementation of the Product Oversight and Governance (POG) for insurance products. With the Letter IVASS intends to promote a more uniform and correct implementation of the […]
Introduction It has come to our attention that the Italian Revenue Agency (Agenzia delle Entrate, ‘AE’) is conducting investigations into the VAT charged on charter fees by certain charter/yacht owning entities in relation to charter contracts signed before 1 November 2020. In these cases, the AE contested the use of flat-rate reduction of the VAT […]
On September 20th, the draft of the legislative decree implementing the Directive (EU) 2021/2118 on motor vehicle liability insurance and the control of the obligation to take out insurance to cover such liability has been published. Special attention has been paid to the proposed wording for the new Article 122-bis of the Italian Private Insurance […]
On September 14th, the Bank of Italy published on its website a report on the implementation status of the National Recovery and Resilience Plan (PNRR). The report analysed the progress made in the second half of 2022 and the first half of 2023, taking into account the changes in the geopolitical context and the encountered […]
On September 15, 2023, IVASS published the statistical communication no. 7/2023 on the premium collection in the first quarter of the years 2009 to 2023 on its website. According to the communication, companies with a permanent establishment in Italy collected a total amount of insurance premiums equal to 37.6 billion euros in the first quarter […]
IVASS has announced a collaboration with Google to combat online fraud perpetrated by rogue sites. The verification programme, which was announced by the supervisory authority on the 11th of September, will start on the 1st of November 2023. As part of the new verification process, all entities wishing to advertise financial services will have to […]
With ruling no. 25631 of September 1, 2023, the Court of Cassation has reviewed the burden of proof between the directors and the company in the case of cash shortages. If the company presents that the sums have been dispersed or misappropriated, the directors have to prove that they have spent the sums exclusively in […]
On 13 September, IVASS published Notebook no. 27 on Seismic Hazard Assessment in Italy. It aims to illustrate the evolution that the study of seismic risk has undergone in recent years, also considering the scientific progress achieved. It also gives a preview of the innovations that will be introduced in the new seismic hazard model […]
On the proposal of IVASS, the Ministry of Economy and Finance – by issuing two decrees published in the Official Gazette of the Italian Republic no. 185 of 9 August 2023 – has determined the amount and payment methods of the fee required for 2023 from companies engaged in insurance and reinsurance activities, to be […]
The level of insurance coverage of Italian companies – that aims at ensuring financial stability and thus increasing the volume of business and economic activity – is lower than that of foreign market participants. Every year, the Bank of Italy carries out a sample analysis of Italian companies – with at least 20 employees – […]
