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27 January 2015
Decree-Law 91/2014 added the following provision to Article 114(2) of the Consolidated Law on Banking (Decree-Law 385/1993):
"Italian insurance companies and SACE [the Italian export credit agency] shall not carry out any kind of financing activity with the public, other than the granting of guarantees and only to subjects that are not physical persons or microenterprises, as defined in art. 2, paragraph 1 of the Annex to Recommendation 2003/361/EC of the European Commission of 6 May 2003, within the limits set by Legislative Decree no. 209 of 7 September 2005 as amended by this Law, and related implementation provisions issued by IVASS."
On October 21 2014 IVASS (the Italian insurance regulator) approved amendments to Regulation 36/2011 which govern investments to cover technical reserves, providing that insurers can offer loans to enterprises within certain limits and under certain principal terms.
The amount of each loan must not exceed:
Four categories of loan are envisaged:
For further information on this topic please contact David Maria Marino, Francesco Cerasi or Mauro Carretta at DLA Piper Italy by telephone (+39 02 80 61 81), fax (+39 02 80 61 82 01) or email(firstname.lastname@example.org, email@example.com or firstname.lastname@example.org). The DLA Piper website can be accessed at www.dlapiper.com.
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