IVASS (the Italian insurance regulator) Measure no. 7 of 16 July 2012 (the “Measure”) implements article 22, paragraph 8, of Italian Legislative Decree no. 179 of 18 October 2012, converted into law no. 221 of 17 December 2012, and amends Isvap Regulation no. 35 of 26 May 2010 concerning the transparency and advertising of insurance products.

The Italian government imposed an obligation on insurers to update their websites to create a restricted area for each policyholder, to be known as a “home insurance system”. The online system is aimed at simplifying the management and enhancing the transparency of insurance contracts.

The stated purpose of the Measure is to foster a more effective management of the insurance relationships while enhancing transparency and streamlining the relationships between insurance companies and insured parties.


The provisions of the new Measure only apply to companies with a registered office in Italy and, in relation to mandatory motor covers, to EU insurers performing business in Italy under the freedom of services or freedom of establishment regulations.

The following information must be available to be viewed by each individual policyholder:

-          existing insurance policies;

-          contractual conditions;

-          payment status of the premiums and the expiry dates;

-          for life insurance policies, including unit- and index linked policies, and for capitalization transactions, the redemption value of the policy;

-          for unit- and index-linked life insurance policies, the value of the position based on the current valuation of the position based on the current valuation of units or the reference value to which benefits are linked;

-          for third-party liability insurance for motor vehicles, a declaration of the risk status.


Insurers have the right not to activate the access service through reserved online areas in relation to:

-          policies concerning specific non-standard risks and subject to ad hoc negotiation (eg, vehicle and vessel fleets, large risks and certain agricultural risks);

-          contracts of a limited amount (ancillary contracts for products or services with a premium below €100); and

-          policies relating to risks connected to specific events for a limited timeframe (eg, policies combined with the purchase of ski passes, policies sold during races and sporting events and policies to cover risks during short journeys).

With reference to group policies, the measure provides for access to the reserved area on the website by an insured party if it pays a premium or has an interest in the benefits.


The provisions will come into force on 1 September 2013. For contracts entered into after this date, insurers will be required to set up the home insurance system within 60 days. For those insurance contracts already in force on 1 September, insurers will have 10 months to comply with the new provisions.

The new home insurance system represents an additional burden and a significant challenge for the insurance industry. All insurers are required to devote time and resources to this project by a relatively short deadline and in a business climate that remains difficult for financial institutions.