Wednesday, December 11, 2024.
With the intention to handle the growing frequency of pure catastrophes resembling floods and landslides, from January 1, 2025, Italy would require all firms to buy local weather insurance coverage to guard their belongings.
As such, the legislation was designed to guard the Italian financial system from the rising prices of local weather change-related catastrophes.
Please notice that what we are going to cowl on this article is simply a part of a broader legislation, Regulation No. 213 often called 2024 Price range Regulationthe Price range Regulation promulgated by the Authorities of Italy on December 30, 2023.
In pressure for each Italian firms and overseas firms established in Italy, this obligatory insurance coverage should cowl harm to land and buildings, installations and equipment, industrial and industrial installations, towards catastrophic occasions brought on by “earthquakes, floods, landslides, inundations and overflows” (earthquakes, landslides, floods and overflows).
Insurers can supply this protection both by immediately assuming the complete danger, or in co-insurance or within the type of a consortium. Within the latter case, the consortium have to be registered and accepted by the Institute for Insurance Supervision (IVASS) which displays sectoral stability.
Relating to firms, no less than for now there will probably be no direct sanctions in case of non-compliance, aside from restricted entry or blocking public subsidies.
Insurance coverage firms, below penalty of a effective, will be unable to refuse to take out insurance policies with these firms, clearly inside their danger tolerance limits.
A subsidiary of Ministry of Financial system and Finance could reinsure the chance assumed by insurance coverage firms by way of the conclusion of particular agreements below market circumstances, inside annual limits and as much as 50% of the indemnities payable by insurers and reinsurers.
Click on on the picture under to entry the entire Regulation 213 in Italian. The matters mentioned above are lined in paragraphs 101 to 113 of article 1.
Final however not least and as already indicated, the above content material is barely a part of a broader legislation, the Italian Price range Regulation of 2024, which deliberates on different points, resembling tax measures aimed toward stimulating funding. About these tax credit, you’ll be able to learn extra within the article “Italy introduces measures to promote investment in the southern regions” UNCTAD (United Nations Convention on Commerce and Growth) Division on Funding and Enterprise.
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