LEGISLATIVE DECREE n. 209 of 7 September 2005 – Code of ...

1 - ONLY THE ITALIAN VERSION IS AUTHENTIC - LEGISLATIVE DECREE n. 209 of 7 September 2005 Code of Private Insurance. THE PRESIDENT OF THE REPUBLIC Having regard to articles 76 and 87 of the Constitution; Having regard to article 117 (2) of the Constitution, as amended by the constitutional law n. 3 of 18 October 2001, on the principles of unity, continuity and comprehensiveness of the legal order; Having regard to articles 14 and 16 of law n. 400 of 23 August 1988; Having regard to article 20 of law n. 59 of 15 March 1997, as replaced by article 1 of law n. 229 of 29 July 2003, on urgent measures to codify, reorganise and improve the quality of the regulatory framework simplifying law for 2001; Having regard to law n. 229 of 29 July 2003, on urgent measures to codify, reorganise and improve the quality of the regulatory framework simplifying law for 2001, and in particular article 4, delegating the Government to reorganise the provisions on private insurance, as amended by article 2 (7) of law n.

2 186 of 27 July 2004, converting into law, after amendment, the DECREE -law n. 136 of 28 May 2004; Having regard to law n. 241 of 7 August 1990, laying down new rules on administrative procedure and the right of access to administrative documents; Having regard to LEGISLATIVE DECREE n. 196 of 30 June 2003, introducing the Personal data protection code; Having regard to royal DECREE n. 63 of 4 January 1925, on the regulation implementing royal DECREE -law n. 966 of 29 April 1923, concerning the pursuit of private insurance; Having regard to the consolidated law on the pursuit of private insurance, referred to in presidential DECREE n. 449 of 13 february 1959; Having regard to law n. 990 of 24 December 1969, relating to compulsory insurance against civil liability in respect of the use of motor vehicles and craft; Having regard to DECREE -law n.

3 857 of 23 December 1976, converted, after amendment, by law n. 39 of 26 february 1977, modifying the provisions on compulsory insurance against civil liability in respect of the use of motor vehicles and craft; Having regard to DECREE -law n. 576 of 26 September 1978, converted, after amendment, by law n. 738 of 24 November 1978, facilitating the transfer of portfolio and staff of insurance undertakings placed under administrative compulsory winding up; Having regard to law n. 48 of 7 february 1979, on the setting up and functioning of the National Register of insurance agents; Having regard to law n. 576 of 12 August 1982, on the reform of insurance supervision; Having regard to law n. 792 of 28 November 1984, on the setting up and functioning of the National Register of insurance brokers; Having regard to law n. 742 of 22 October 1986, laying down new rules on the pursuit of private life assurance; Having regard to law n.

4 772 of 11 November 1986 on Community coinsurance; Having regard to law n. 242 of 7 August 1990, laying down provisions on compulsory insurance against civil liability in respect of the use in the territory of the Italian Republic of motor vehicles and craft registered in foreign countries; Having regard to law n. 20 of 9 January 1991, supplementing and modifying law n. 576 of 12 August 1982, and introducing provisions on supervision over participations held in or by insurance undertakings or institutions; Having regard to LEGISLATIVE DECREE n. 393 of 26 November 1991, implementing directives 84/641/EEC, 87/343/EEC and 87/344/EEC on tourist assistance, on credit insurance and suretyship insurance and on legal expenses insurance, in accordance with articles 25, 26 and 27 of law n. 428 of 29 December 1990; Having regard to LEGISLATIVE DECREE n.

5 49 of 15 January 1992, implementing directive 88/357/EEC on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 73/239/EEC; Having regard to law n. 166 of 17 february 1992, on the setting up and functioning of the national list of loss adjusters for the assessment and estimate of damage to motor vehicles and craft falling within the scope of law n. 990 of 24 December 1969, resulting from their use, theft and fire; Having regard to presidential DECREE of 19 April 1993, published in the Italian Official Journal n. 153 of 2 July 1993, introducing minimum amounts of cover for compulsory insurance against civil liability in respect of the use of motor vehicles and craft; Having regard to presidential DECREE n.

6 385 of 18 April 1994, on the regulation simplifying administrative procedures on private insurance and 2insurance of public interest falling within the competence of the Minister of Industry, Commerce and Handicrafts; Having regard to DECREE -law n. 691 of 19 December 1994, converted, after amendment, by law n. 35 of 16 february 1995, on urgent measures for the reconstruction and recovery of production activities in the areas affected by exceptionally adverse climatic conditions and by flooding in the first ten days of November 1994; Having regard to LEGISLATIVE DECREE n. 174 of 17 March 1995, implementing directive 92/96/EEC relating to direct life assurance and amending directives 72/267/EEC and 90/619/EEC; Having regard to LEGISLATIVE DECREE n. 175 of 17 March 1995, implementing Council directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending directives 73/239/EEC and 88/357/EEC; Having regard to LEGISLATIVE DECREE n.

7 173 of 26 May 1997, implementing directive 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings; Having regard to LEGISLATIVE DECREE n. 373 of 13 October 1998, on the rationalisation of the rules relating to Istituto per la vigilanza sulle assicurazioni private e di interesse collettivo (the Supervisory Authority for Private Insurance Undertakings and Insurance Undertakings of Public Interest), in accordance with articles 11 (1 b), and 14 of law n. 59 of 15 March 1997; Having regard to LEGISLATIVE DECREE n. 343 of 4 August 1999, implementing directive 95/26/EC on the reinforcement of prudential supervision in the insurance sector; Having regard to DECREE -law n. 70 of 28 March 2000, converted, after amendment, by law n. 137 of 26 May 2000; Having regard to law n. 57 of 5 March 2001, laying down provisions on the opening and regulation of markets; Having regard to LEGISLATIVE DECREE n.

8 239 of 17 April 2001, implementing directive 98/78/EC on the supplementary supervision of insurance undertakings in an insurance group; Having regard to law n. 273 of 12 December 2002, on measures to promote private initiative and competition; Having regard to LEGISLATIVE DECREE n. 93 of 9 April 2003, implementing directive 2001/17/EC on the reorganisation and winding up of insurance undertakings; Having regard to LEGISLATIVE DECREE n. 190 of 30 June 2003, implementing directive 2000/26/EC relating to insurance against civil 3liability in respect of the use of motor vehicles and amending directives 73/239/EEC and 88/357/EEC; Having regard to LEGISLATIVE DECREE n. 307 of 3 November 2003, implementing directive 2002/12/EC and directive 2002/13/EC as regards the solvency margin requirements respectively for life assurance undertakings and for non-life insurance undertakings; Having regard to LEGISLATIVE DECREE n.

9 38 of 28 february 2005, on the exercise of the options envisaged in article 5 of the Regulation (EC) No 1606/2002 on international accounting standards; Having regard to LEGISLATIVE DECREE n. 142 of 30 May 2005, implementing directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, as well as on prior consultation on insurance matters; Having regard to directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation; Having regard to the preliminary resolution of the Council of Ministers, adopted in the meeting of 16 July 2004; Having sought the opinion of the Unified Conference on 25 November 2004; Having heard the opinion of the Council of State, expressed by the advisory section on legal acts in its meeting of 14 february 2005.

10 Having sought the opinion of the competent Commissions of the Chamber of Deputies and of the Senate of the Italian Republic; Having regard to the comments of the Antitrust Authority of 1 June 2005; Having regard to the resolution of the Council of Ministers, adopted in the meeting of 2 September 2005; Upon the proposal of the Minister of Production Activities1 and of the Minister for Community Policies, in agreement with the Minister for Public Administration, the Minister of Economy and Finance and the Minister of Justice; I S S U E S the following LEGISLATIVE DECREE : 1 Now Minister of Economic Development. 4 TITLE I GENERAL PROVISIONS Chapter I GENERAL DEFINITIONS AND CLASSIFICATIONS Article 1 Definitions 1. For the purposes of this code of private insurance the following terms shall be defined as follows: a) non-life insurance: the insurance referred to in article 2 (3); b) life assurance: the assurance and operations referred to in article 2 (1); c) insurance business: the taking up and management of risks by an insurance undertaking; d) reinsurance business: the taking up and management of the risks ceded by an insurance undertaking or the retrocession of risks by a reinsurance undertaking.