Professional liability insurance: inflation adjustment

EIOPA launched a consultation – pursuant to the Insurance Distribution Directive (IDD) – on the draft of the amendment to the Regulatory Technical Standards (RTS) for the adjustment of the basic amounts for professional indemnity insurance (PII) and for the financial capacity of insurance intermediaries. Pursuant to the IDD changes to the minimum amounts of […]

“Navigating the high seas” VAT exemption – only for vessels involved in a commercial activity

The Italian Revenue Agency (Agenzia delle Entrate), in its reply no. 175 of January 31, 2023 has confirmed that in order to benefit of the non-taxable VAT status provided for by Article 8-bis, (1) (a) of the VAT decree (Presidential Decree No. 633/72), it is not sufficient that the vessel is used for navigation on […]

No VAT on ordinary maintenance also for yachts under temporary importation

The Italian Revenue Agency (Agenzia delle Entrate), in its reply no. 254 of 17/03/2023, clarified that the fees for works of ordinary maintenance carried out by Italian suppliers on yachts under temporary importation regime are not subject to VAT pursuant to Article 9, paragraph 1, no. 9 of the VAT decree (DPR n. 633/72). The […]

First Decision of An Italian Court on the Freezing of Russian Oligarchs Assets

Italy is fighting a legal battle over the assets of Russian oligarchs, and some of them are responding by appealing to the Lazio Regional Administrative Court. Indeed, behind the war in Ukraine there are legal disputes related to sanctions decided by the European Union against Russia and its oligarchs. In Italy, 28 of them are […]

A Guide to Buying a Property in Italy

CONTENTS INTRODUCTION PRELIMINARY STEPS STAGE 1: IRREVOCABLE PURCHASE OFFER STAGE 2: PRELIMINARY CONTRACT STAGE 3: DEED OF SALE AND PURCHASE TAXATION CONCLUSIONS   1. INTRODUCTION Italy is widely recognised for its abundance of cultural beauty and its remarkable geographical diversity, with which comes a rich and dynamic property market. The Italy Luxury Real Estate Market […]

IVASS: Letter to the market on new procedures via Infostat

With letter to the market of 1 March 2023 (“Letter”), IVASS indicated the timing and operational modalities for the communication of supervisory reporting information through Infostat. The Natural Disaster Risk and Sustainability Survey, launched with a letter to the market on 27 July 2022, has to be carried out also for the year 2023 and […]

IVASS’ updates on dormant policies

On 16 March 2023, IVASS has published a further letter to the market regarding dormient policies. The letter is addressed to the following insurance companies: companies conducting life and/or accident insurance business, with registered office in Italy; Italian branches of companies with registered offices in a non-EEA country; companies, having their registered office in another […]

EIOPA: “Costs and Past Performance Report”

EIOPA has published its “Costs and Past Performance Report” that aims at improving transparency in the industry, facilitating comparisons between the different solutions available and strengthening the union of EU capital markets. The report provides an overview of the performance and costs of retail investment products in the EU. The report covers the period from […]