Pursuing insurance business in Italy FAQS

IVASS now publishes a list of FAQs, in order to simplify and accelerate administrative procedures with regard to the authorization to the taking up of insurance business in Italy.

You can take up insurance business in Italy:

• setting up a new undertaking with head office in Italy;
• if you are an undertaking whose head office is in a EEA country:

a) setting up a branch;
b) under the freedom of services;

• if you are an undertaking whose head office is in a third country, only setting up a branch.

If you intend to set up a new undertaking or a branch in Italy from a third country, you shall submit an application for authorisation to IVASS. The completeness of the application is important to ensure that the process is run smoothly.

Before submitting the application, you may consider the possibility of an early dialogue with IVASS on the main features of the proposed initiative.

The application for authorisation shall be provided to IVASS in the Italian language at the following e-mail address: vigilanza.prudenziale@pec.ivass.it.

The provision of document and/or information in a language other than Italian should be previously agreed with IVASS.

If you intend to set up a branch or to pursue business under the freedom of services from an EEA country into Italy, your Supervisory Authority shall notify IVASS of your intention.

Insurance market access is mainly regulated by the Italian Private Insurance Code (CAP) and by ISVAP Regulation No. 10 of 2 January 2008.

If you have any doubt on the information and/or documents to send to IVASS or if you need information on the specific regulation applicable to undertakings that intend to carry out only reinsurance business, you may contact IVASS filling out and sending the form to IVASS at the following e-mail address: businessinitaly@ivass.it

You can find the updates on the relevant regulation on IVASS website.