Wednesday, 11 November 2024.
In an effort to deal with the elevated frequency of pure disasters comparable to floods and landslides, as of January 1, 2025, Italy requires all companies to buy local weather insurance coverage to guard their belongings.
As such, the regulation is designed to guard the Italian economic system from the escalating prices of climate-related disasters.
Please notice that what we protecting on this article is simply a part of a broader regulation, Regulation No. 213 know as 2024 Funds Regulation, enacted by the Authorities of Italy on 30 December 2023.
Affecting each Italian corporations and overseas corporations institution in Italy, this obligatory insurance coverage towards catastrophic dangers covers injury to land and buildings, plant and equipment, industrial and business installations brought on by “earthquakes, floods, landslides, inundations and overflows” (earthquakes, landslides, floods and overflows).
Insurance coverage corporations can provide such protection both instantly assuming the complete danger, both in coinsurance or in a consortium type. In such final case the consortium have to be registered and authorised by the Institute for Insurance Supervision (IVASS) which displays sectorial stability.
Relating to corporations, a minimum of for now there shall be no direct sanctions in case of non-compliance apart from restricted entry or blocking of public subsidies.
Insurance coverage corporations, below penalty of a positive, will be unable to refuse to underwrite insurance policies with these corporations, clearly inside their danger tolerance limits.
A subsidiary of the Ministry of Economic system and Finance will be capable to reinsure the chance assumed by insurance coverage corporations by means of the signing of particular agreements at market circumstances, inside yearly limits and as much as 50% of the indemnities to be paid by insurers and reinsurers.
Click on on the picture beneath to entry the whole Regulation 213 in Italian. The subjects mentioned above are lined from paragraph 101 to 113 from Article 1.
Final however not least, as already indicated, the above contents is simply a part of a broader regulation, the Italian 2024 Funds Regulation, that deliberates about different points comparable to tax measures designed to stimulate investments. About these tax credit, you’ll be able to learn extra within the article “Italy introduces measures to promote investment in the southern regions” from UNCTAD (United Nations Convention on Commerce and Improvement) Division on Funding and Enterprise.
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