Adapting Italy’s code of insurance to EU rulings

SALVATORE IANNITTI, of Norton Rose Italy, considers how the European Union Reinsurance Directive has been applied in Italy and is opening the market to foreign reinsurers

THE Italian market is still trying to digest the many changes introduced by the Italian Code of Insurance, which was adopted in September 2005 and introduced a complete set of rules governing the reinsurance business and its regulation. Now the Italian legislature is considering whether amendments have to be made to the code to allow for implementation of the European Union (EU) Reinsurance Directive (Directive 2005/68/EC) into domestic law.