Supervision over foreign undertakings
Insurance undertakings with head office in a EU country may conduct business in Italy on the basis of the authorization granted by the competent Authority of the home country, which is responsible for the monitoring of their stability.
The pursuit of insurance business in Italy is allowed either under the right of establishment (that is by setting up a permanent presence) or under the freedom to provide services.
IVASS follows the access of foreign undertakings on the Italian market, in close collaboration with the Authorities of the other countries, in order to avoid the access of unreliable operators, and controls their activity, supervising over the transparency and fairness of behaviours vis-à-vis Italian policyholders and third parties.
In the press releases section you can find the measures for the protection of consumers taken also in relation to foreign undertakings.
If you have taken out or are going to take out an insurance policy with a foreign undertaking and you wish to learn more about the type of supervision to which it is subject, remember that you can also consult the site of the competent Supervisory Authority. The list is available in the website of EIOPA, the European Insurance and Occupational Pensions Authority, where you can also find a lot of information on the regulatory and supervisory standards in the European Union and on their evolution.
Finally, the following list gives you access to the press releases concerning the measures adopted by IVASS or by the Supervisory Authorities of the European Economic Area vis-à-vis foreign undertakings already licensed to carry on insurance business in Italy.
Keep in mind that in general, should an undertaking be in financial difficulties, each Authority publishes warnings or press releases, clearly visible on their website, containing information useful to users/consumers.
Last update
20 January 2017
BULGARIA
- INSURANCE COMPANY NADEJDA AD: withdrawal of authorisation to the pursuit of insurance business pdf 204.0 KB
- INSURANCE COMPANY NADEJDA AD: prolongation of the safeguard measures pdf 155.6 KB
- INSURANCE COMPANY NADEJDA AD: the Bulgarian Supervisory Authority prohibits the commencement of new business and the disposal of the assets pdf 158.2 KB
- INSURANCE COMPANY NADEJDA AD: update on its financial position pdf 92.5 KB
- INSURANCE COMPANY NADEJDA AD: update on its financial position pdf 97.9 KB
- INSURANCE COMPANY NADEJDA AD: results of the checks on the company's financial situation ordered by the Bulgarian Supervisory Authority pdf 131.6 KB
- INSURANCE COMPANY NADEJDA AD: courtesy translation into English of the Order issued by the Bulgarian Authority on 10 May 2017 pdf 410.4 KB
Denmark
Gibraltar
- ELITE INSURANCE COMPANY LIMITED: withdrawal of the authorization and opening of the winding-up proceedings pdf 62.3 KB
- ELITE INSURANCE COMPANY LIMITED: ceases writing new business pdf 157.1 KB
- ELITE INSURANCE COMPANY LIMITED: update on its situation pdf 128.8 KB
- CBL INSURANCE LIMITED NZ: compulsory winding up pdf 211.8 KB
IRELAND
Liechtenstein
ROMANIA
- SOCIETATEA DE ASIGURARE REASIGURARE CITY INSURANCE S.A.: supervisory measures and sanctions adopted by the Romenian Supervisory Authority pdf 152.3 KB
- FORTE ASIGURARI REASIGURARI S.A.: update on its situation pdf 213.2 KB
- LIG INSURANCE S.A.: initiation of bankruptcy proceedings, information for insurance creditors pdf 104.3 KB
- Initiation of bankruptcy proceedings in respect of LIG INSURANCE S.A. pdf 89.6 KB
- Update on Societatea De Asigurare-Reasigurare City Insurance S. A.
- Update on ONIX Asigurari S.A.
- ONIX Asigurari S.A.: update on the situation of the undertaking
SLOVAKIA
- NOVIS COMPAGNIA DI ASSICURAZIONI: prohibition of the free disposal of assets pdf 187.5 KB
- NOVIS INSURANCE COMPANY: Update (only in Italian) pdf 75.4 KB Notice of 4/2/2021
- NOVIS INSURANCE COMPANY: Update (only in Italian) pdf 184.2 KB Notice of 22/02/2021
- NOVIS INSURANCE COMPANY: revocation of the interim measure banning new business (only in Italian) pdf 105.1 KB Notice of 1/3/2021
- Notice to NOVIS CustomersNotice of 26 June 2023
- Notice to NOVIS customersNotice of 26 January 2024