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13 August 2019
IVASS (the Italian insurance regulator) Regulation 29/2009 details, among other things, the list of uninsurable risks in Italy.
The list also includes risks connected to valuation gains and losses resulting from corporate transactions (Article 4(2)).
Some legal scholars had questioned whether warranty and indemnity (W&I) products fall within the scope of Article 4 of IVASS Regulation 29/2009, notwithstanding market players' increasing appetite for this kind of insurance.
On 25 July 2019 IVASS clarified that W&I insurance policies do not fall within the scope of Article 4 subject to the following conditions:
IVASS's clarification is particularly helpful, as W&I insurance can be an important tool for completing corporate transactions smoothly and may favour the local market's development in line with international trends.
For further information on this topic please contact David Maria Marino at DLA Piper Studio Legale Tributario by telephone (+39 02 80 61 81) or email (firstname.lastname@example.org). The DLA Piper Studio Legale Tributario website can be accessed at www.dlapiper.com.
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