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.

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.

The applications shall relate to significantly innovative activities (art. 6 of Reg. 100/2021) and bring added value to the final users, to the efficiency of the market or of market participants. The projects shall be in a sufficiently advanced stage of testing and sustainable from an economic and financial viewpoint.

Applicants can ask for derogations to supervisory guidelines, rules, regulations or general measures adopted by the supervisory Authorities, provided that compliance with Community law and primary legislation is ensured.

The procedure for admission to the sandbox is detailed in Regulation no. 49 of 3 November 2021.

Submission of applications

Applications can be submitted during the time slots announced by the Authorities, which also disclose the opening date and duration of the slot, the number of eligible applications and, where applicable, the topic to be tested.

At the moment, it is not possible to apply for admission to the sandbox, as the most recent time slot for submitting applications was closed on 5 December 2023.

The application for admission to the sandbox must be sent by certified electronic mail (PEC) to the mailbox, by filling out the specific form, along with the annexes indicated at the bottom of the form, and must be digitally signed (format .p7m) by the legal representative of the company.

As to annexes 7 and 8 of the Application form, the following models must be used:

It is possible to consult the criteria for the assessment of eligibility of the projects submitted.

Further details on the content and submission of applications and on the methods for the experimentation can be found in the FAQ prepared by the Authorities.

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

Admitted Projects

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 followingadmitted projects have been admittedwhose 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.

The experimentation involved a limited number of customers in SARA Assicurazioni's non-life portfolio, sufficient to assess the potential support of the digital registry to sustainable and alternative mobility. Useful results were achieved in terms of increased consumer awareness of the risks associated with these forms of mobility. The registry enables the company to prepare fraud prevention actions through the identification of the insured vehicle and a better assessment of insured risks (including theft, liability, assistance).

  • SIA S.p.A. - realisation - implementation of a home insurance serving as an 'insurance drawer' for the end customer on thedigital management of the offer, underwriting and management stages of an insurance product through an IT platform ofmade available to the insured by the intermediary ("insurance drawer"). The platform is connected to the company's IT systems and based on blockchain technology.

The experimentation, in which one company and four insurance intermediaries participated, showed good potential for the digital storage of pre-contractual and contractual insurance documentation for the benefit of users, through a procedure that can be implemented as part of the free and autonomous business relationships between companies and intermediaries.

  • X Consulting S.r.l. - delivery to the consumer of the QR code certifying the actual registration of the intermediary in the RUI- implementation of a tool that allows, through a QR Code, to verify in real time the information on the distributor of insurance policies provided before entering into the contract, against the Register of Insurance Intermediaries (RUI). Data are now available in "open data" formats on the IVASS website, with the aim of reducing the risk of fraud in the insurance industry.

The experimentation, which involved eight agencies belonging to three insurance companies and an adequate number of customers, showed good potential for checking the intermediary's license to carry on insurance distribution through an instant check by the consumer, in digital mode, of the information in the RUI.

Last update

16 February 2024