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10 November 2020
On 17 March 2020 the National Association of Insurance Companies (ANIA) approved the new self-regulation codes for co-insurance in non-life and life insurance, replacing the previous codes.
Essentially, the new codes set out standard clauses governing the relationship between co-insurers.
The new codes have been submitted to the Tax Agency. In response to a specific request for legal advice submitted by the ANIA, the Tax Agency confirmed that the share of premium that insurers acting as leaders receive from the policyholder as a consideration for such a role in the context of a co-insurance agreement is exempted from value added tax, provided that the agreement complies with the new codes (see below).
In so doing, the tax authorities have clarified some uncertainties as to the previous applicable tax regime.
The new codes are not mandatory; insurers can adhere to them on a voluntary basis.
The main changes introduced by the new codes include the fact that:
The new codes apply to co-insurance agreements entered into effective from 1 January 2020. The previous codes can be used only up until 31 December 2020.
As of 1 January 2021, the previous ANIA co-insurance codes will no longer apply. Consequently, effective 1 January 2021, no proxy commissions will be payable in relation to premiums collected, claims paid and indemnifications paid under co-insurance agreements concluded prior to the aforementioned date.(1)
In the event of renewals of policies issued before 1 January 2020, co-insurance agreements will be amended in accordance with the new codes.
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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