Canada    FinTech Guide    Chapter 13    Italy


13. InsurTech
Italy  Italy

A particular attention is paid by regulator to the data privacy related issues as well as to specific issues raised by InsurTech, like price discrimination in connection with the insurance premiums.



Legal Affairs


InsurTech companies, which provide core insurance services, shall be authorized by the Institute for the Monitoring on the Insurances (Istituto per la Vigilanza sulle Assicurazioni – “IVASS”) under Section 13 of the Italian Private Insurance Code (Legislative Decree no. 209/2005 providing the Codice delle assicurazioni private –“ CAP”).

Moreover, insurance companies are required to maintain a minimum capital requirement.

Similarly, also companies providing brokering insurance services shall be authorized by the IVASS as insurance intermediaries under Section 112 of the Italian Insurance Code.



Economic Conditions


InsurTech services are commonly offered by several insurance companies and startups. In particular, IoT systems are used as well as the products based on the so called “Connected Insurance”. As shown by studies conducted by the think tank “Osservatorio Telematics Connected Insurance & Innovation” in the late 2015, almost 5 million Italian cars were provided with an insurance black box. This represented almost the 50% of the global market.



Contributing Authors

JENNY.Avvocati

Christoph Jenny
Milan, Italy


Portolano Cavallo

Manuela Cavallo
Rome, Italy

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018