Letter to the market of 11 September 2023

IVASS published a Letter to the market concerning insurance companies based in other European Economic Areas (EEA) member states that are conducting business in Italy either through establishing a physical presence (right of establishment) or by offering services (freedom of services). The notice pertains to the supervisory fee that these insurance companies are required to pay for the year 2023.
This letter essentially informs insurance companies of their obligation to pay the supervisory fee for 2023 and provides detailed instructions on how to make the payment. It also clarifies the criteria for exemption and outlines the necessary documentation for compliance.
The key points are as follows:
– Fee Amount: The Minister of Economy and Finance has determined that the supervisory fee for 2023 is set at 0.13 per thousand of the premiums collected by these insurance companies in Italy during the year 2022, after deducting operating expenses
– Payment Categories: The payment of this fee is categorized based on whether the insurance company operates through Italian branches (under the right of establishment) or as parent companies (under freedom of services)
a) Italian branches are required to pay based on premiums earned within Italy;
b) Parent companies must pay based on the total premiums collected in Italy, whether directly from their home country or through branches located in other European countries.
– Exemptions: Pure European reinsurance companies operating in Italy under the right of establishment and registered in List III in the appendix to the Register of Companies are exempt from paying the supervisory fee
– Payment Method: The document outlines that the payment for the supervisory fee for 2023 should be made within 30 days from the date of the letter through the PagoPA system. Payment can be made through various methods, including a portal with a credit card, Payment Service Providers (PSPs) licensed for the PagoPA service, or by bank transfer
– Bank Details: Bank details for Unimatica, the company responsible for collecting IVASS‘ fees, are provided. New insurance undertakings making their first payment can request Unimatica’s bank details
– Payment Identification: The document specifies the format for identifying the payment, including a unique payment identifier (IUV) and the IVASS registration code
– Self-Certification: Insurance companies are required to complete and send a self-certification to IVASS, confirming the amount of premiums earned and the payment made. This self-certification must be signed by the Director General or their delegate.