The reference legislation for insurance is legislative decree No. 209 of 7 September 2005, Code of Private Insurance, as subsequently amended.
The Code of Private Insurance is a framework of principles and powers laying down the fundamental rules and defining IVASS' competence. In particular it assigns IVASS the power to issue secondary legislation (Regulations, Orders, etc.) and adopt prudential measures.
The Code of Private Insurance codifies the rules relating to insurance with the sole exception of those contained in the Civil Code, in the law establishing IVASS (Law 135/2012, converting, after amendment, decree-law no. 95/2012) and some accounting rules.
Other primary rules having relevance for the insurance sector concern the fight against money laundering and the financing of terrorism (legislative decree no. 231 of 21 November 2007 and subsequent modifications), auditing, etc.
29 April 2020