Regulatory Sandbox
What is a sandbox
The regulatory sandbox is an innovative project conducted by the Ministry of Economy and Finance in collaboration with IVASS, the Bank of Italy and CONSOB, and represents a significant step forward for the digitisation of the country. It is a controlled environment in which traditional and FinTech / InsurTech operators test technologically innovative products and services under a transitional simplified regime, in constant dialogue and confrontation with the supervisory Authorities.
The conditions and methods for carrying out experimentation in the banking, financial and insurance sectors in Italy are governed by decree of the Ministry of Economy and Finance no. 100 of 30 April 2021 – implementing the delegation envisaged in decree-law no. 34 of 30 April 2019 ("Crescita" decree) – which also lays down rules on the FinTech Committee set up at the Minister of Economy and Finance.
Through the sandbox, IVASS observes the dynamics of technological development and identifies the most appropriate and effective legislative measures to promote and develop InsurTech, thus reducing the spreading of potential risks associated with these activities.
Operators can test innovative products and services, while benefiting from a transitional simplified regime. Where necessary, they can be granted regulatory exemptions during the testing phase, in constant dialogue and confrontation with IVASS.
The interested operators, also outside the time slots for submitting applications, can start informal discussions with IVASS, by filling in and sending this form through the dedicated communication channel insurtech@ivass.it.
Last update
14 May 2024
SECOND TIME SLOT - ongoing experimentation
The second time slot for submitting applications for the regulatory sandbox was open from 3 November 2023 to 5 December 2023; no limitation was envisaged as to the maximum number and topic of eligible projects.
- ITAS Mutua Monitoring the driving style to promote the virtuous and environmentally sustainable use of rental vehicles. The project is sponsored by ANIA and conducted with the car rental company Autovia S.r.l and the technology partner Connexa InsTech
- AINDO S.p.A. Platform for generating and exchanging summary data that replicate patterns and behaviours from source archives without allowing recognition of surveyed subjects. Insurance partner BeRebel S.p.A. is participating in the project.
FIRST TIME SLOT - EXPERIMENTATION CONCLUDED
The first time slot for submitting applications for the regulatory sandbox was open from 15 November 2021 to 15 January 2022; no limitation was envisaged as to the maximum number and topic of eligible projects.
The admitted projects whose testing was successfully completed in 2023 are as follows:
- Sara Assicurazioni s.p.a. Digital register and ownership register of velocipedes (bicycles, e-bikes, electric scooters), based on blockchain technology
- X Consulting S.r.l. Implementation of a tool that allows, through a QR Code, to verify in real time the information on the distributor of insurance policies
ADMISSION TO THE SANDBOX
To be authorized to test products and processes in the insurance sector, operators shall submit an application to IVASS, which will also provide the necessary support in the application process.
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