Country _ Name
InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.

Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.

Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.


Attitude of the country towards InsurTech-services

InsurTech solutions and related services are rapidly increasing their presence in the Italian market. A particular attention is paid by regulator to the data privacy related issues as well as to specific issues raised by InsurTech, like cyber security risks and potential discrimination in connection with the pricing of insurance premiums

Legal affairs

Obligations and requirements to provide InsurTech-services

InsurTech firms which underwrite insurance or reinsurance risks are subject to the prior authorisation by the local Insurance Regulator (Istituto per la Vigilanza sulle AssicurazioniIVASS) under Section 13 of the Italian Private Insurance Code (Legislative Decree no. 209/2005 providing the Codice delle assicurazioni private – CAP).

To obtain the authorisation, it is required, among others, that these entities are incorporated either as joint stock company (società per azioni), cooperative (società cooperative), mutual insurance company by shares (società di mutua assicurazione per azioni) or European company (società europea) and that they have their administrative offices in the Italian territory. Specific rules provided by Sections 23 and 24 of the CAP shall apply to the insurance companies established in an EU Member State. Specifically, the establishment of a branch by an EU insurance company must be preceded by a notification to IVASS submitted by the competent authority of the Member State where the insurance company is established. The branch shall be established after the receipt, by the EU Member State authority, of the communication from IVASS or, absent such communication, after 30 days following the notification.
Similarly, a notification to IVASS by the competent authority of the Member State where the insurance company is established shall be necessary to provide insurance services in Italy under the regime of the freedom to provide services in the EU.

Moreover, insurance companies are required to maintain, among others, certain minimum capital requirements equal to:

  • EUR 2,500,000 for non-life insurance companies – but occurring specific circumstances the minimum capital requirement shall be equal to EUR 3,700,000;
  • EUR 3,700,000 for life insurance companies; and
  • EUR 6,200,000 for insurance companies that provide both non-life and life insurance products.

InsurTech firms which carry out non-underwriting activities (such as claims handling, or IT-related services) benefit from a lighter regulatory regime since they are not subject to prior authorisation and may operate as outsourcers of insurance undertakings. Certain regulatory requirements are, however, to be met by insurance outsourcers, especially when it comes to critical activities to be o



Choose country