The Broker is the only person who is authorized to distribute “non-standard” policies (as per article 119 of the Private Insurance Code) and who guarantees a qualified post-sales service to clients.

The placement of Private Insurance policies through a specialized Broker, who assists the Italian clients introduced by the Bank, reduces and limits the risks for the Bank itself. The Bank will not be responsible for complying with Italian and EU legislation regarding pre-contractual information and the adequacy assessment during the data collection period and during the signature of the policy proposal.

The Bank can still operate as an Asset Manager and Custodian, avoiding the conflict of interests represented by its possible role as an insurance intermediary.

THE ADVANTAGES OF THE INSURANCE BROKER:

Independence: Brokers cannot have any kind of binding agreement with an Insurance Company; therefore, they guarantees their Partner the access to a wide range of Open Architecture solutions.

Focus: relying on an independent intermediary allows the Partner to dedicate more time and energy to its core business.

Risk: relying on a Broker substantially reduces regulatory or intermediary risk, especially when one compares an independent intermediary to an agent or an in-house broker.

Territoriality: a Bank or any other entity, either Italian or foreign, that sells insurance policies to clients who reside fiscally in Italy without being registered on the IVASS register, operates in the absence of authorizations with a high exposure to administrative sanctions and criminal charges.

Responsibility: the contractual responsibility related to the needs analysis, to the prior adequacy assessment of the proposed solution, as well as to the signing of the paperwork, is the Broker’s and not the Partner’s (signalling vs. co-intermediation model).

Global Market Vision: the impartial positioning of the Broker allows him to intercept all the "latest news" on the market and to test the responsiveness of each individual Company.

Conflict of interest: a truly independent Broker does not, in any way, compete with its Partners. It does not seek or acquire direct clients, does not offer asset management services, wealth planning, trust services or legal and fiscal advice.

Experience and Reliability:a good Broker translates these two elements into long-term relationships with its Partners and with the Insurance Companies, from whom he can obtain – for the clients’ exclusive benefit – particularly favourable conditions.

Cost and transparency: in accordance with the EU IDD legislation.

THE ADVANTAGES OF LIFE POLICIES:

Flexibility and customization Exemption from sequestration and repossession Broad spectre of application

Inheritance protection: life insurance policies can be a valid response to the needs of a generational wealth transfer, as they add to the typical fiscal and legal advantages of an insurance solution the possibility of being used as a "vehicle" to transfer unlisted assets (e.g. company shareholdings).
The Private Insurance policies have established themselves in recent years as effective when used in alternative to, or jointly with, trusts, especially because they offer the possibility to retain “control” over the choices made and because they are characterized by an effective degree of flexibility of the insurance choices, as well as real asset segregation and protection.

Donations: life insurance policies guarantee a minimum annual return and the consolidation of the obtained result, thus contributing to the growth of the assets. They are exempt from certain taxes and, above all, from inheritance tax.
The sum paid as a result of the natural expiration of the life insurance policy goes to the beneficiary in its entirety. Upon subscription, it is possible to choose the beneficiary freely, without any particular constraints, except for those relating to the "legitimate" share of assets assigned by law to the direct heirs.


According to the AIPB, the weight of insurance products in private clients’ portfolios has grown from 6.9% to 16.6% over the past 10 years. The ACA (Association des Compagnies d’Assurance et Réassurance) states that the gross subscription to policies under Luxembourg law distributed in Italy over the first 9 months of 2016 amounts to 3.1 billion euros; an increase, compared to the 3 billion euros registered over the entire previous year. Policies under Luxembourg law amount to about three quarters of the private insurance market; products under Irish law make up the rest. Italy alone makes up a quarter of the entire subscription to Luxembourg products, second only to France (in first place with a total of 4.5 billion euros, or 38% of the total).
Grafico ANIA

Italian Market

Life Insurance Policies

(2018 data)
ITALIAN MARKET – LIFE INSURANCE POLICIES    (2018 data – in billion €)
LUXEMBOURG COLLECTION PER COUNTRY    (% of the total)
Luxembourg diagram

Collection and mathematical reserves

in Italy