Digitization is increasingly at the center of the insurance debate; in particular, there are many initiatives by subjects interested in developing and testing new solutions and new methods, including in the field of distribution.
The above in a regulatory context that has yet to make its own and regulate phenomena that are gaining ground, such as that of open insurance.
In such context, there are already in Italy regulatory instruments through which it is possible to can carry out innovation initiatives. One of these is the Regulatory Sandbox, long awaited by the market, in the wake of the positive experiences of other jurisdictions, such as the UK one. Below we will try to summarize the steps that led the Italian Regulatory Sandbox to be on track.
The “Regulatory Sandbox” was established with the so-called “Growth Decree” of 2019, (Law Decree n. 34/2019, converted by law n. 58/2019), taking into consideration the financial sector, including payment services, credit, insurance and regulated markets, without, however, limiting its use to start up. The Growth Decree has entrusted the Ministry of Economy and Finance with the task of issuing, after hearing, among other things, the Bank of Italy, IVASS (Italian Insurance Supervisor) and CONSOB (Italian Stock Exchane Supervisor), the implementation rules, which have been adopted, after a rather long wait, with the Ministerial Decree of 30 April 2021, n. 100, published in the Official Journal no. 157 of 2 July 2021.
The Decree entrusted the direction and coordination of the Sandbox to the FinTech Committee, in order to encourage constant dialogue between institutions and operators. The same also provided that the experimentation, which can have a maximum duration of 18 months, subject to extensions according to the procedures provided for by the Decree, may be required for a technological innovation activity that affects the banking, financial or insurance and that, alternatively:
is subject to registration by at least one of the supervisory authorities;
although, if subject to registration by at least one of the supervisory authorities, it falls within a case of exclusion provided for by law, including cases in which the activity is not carried out in towards the public or is carried out towards a limited public pursuant to the law.
Admission to the trial may also be allowed on condition that the activity:
is significantly innovative;
requests the derogation from one or more supervisory guidelines or acts of a general nature adopted by the supervisory authorities, as well as one or more rules or regulations adopted by the supervisory authorities themselves;
bring added value;
the application is presented within the time set by the competent Authorities, the first of which will be open next 15 November, until 15 January 2022 and in relation to which no limitations have been envisaged in terms of the maximum number and thematic area of projects eligible.
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