New Statute of Limitations
Starting from the 28th October, 2008, the term for the statute of limitations for the rights arising from insurance contracts has been increased from one to two years. Law no. 166 of 2008, indeed, amended article 2952 of the Italian Civil Code, thus stating that the rights arising from insurance contracts "are subject to a statute of limitations of two years running from the day in which the event the right is based on occurred".
The above provision aligns Italian law with the law of other European Countries on the matter and grants a higher level of protection to the insured parties as well as to the other interested parties. Due to the change of law, insurance companies are now required to update their pre-contractual and contractual policy documentation (especially the Informative note "Nota informativa" and the general terms of contract) and to indicate the new two-year statute of limitations.
Another immediate effect of the new provision is that insurance companies will be under the obligation to provide for the payment of a claim for a longer period of time, precisely for two years. At this present stage it is still controversial whether the above outlined effect shall apply also to existing contracts or only to the contracts concluded after the entry into force of the law at hand. In this regard, it is likely that Isvap will issue a circular letter to clarify the construction of the law.
The Insurance Team of Puopolo Geffers & Partners is pleased to assist its clients in the amendment of the pre-contractual and contractual policy documentation and to provide any other clarifications and support on this issue.
Insurance Team: Gianfranco Puopolo, Angelika Lentsch, Giovanna Aucone, Cecilia Solazzo, Laura Torrisi
Back
|