Insurance laws San Marino
San Marino's insurance sector operates within a well-defined regulatory framework aimed at ensuring consumer protection, market stability, and alignment with European Union standards.
📜 Key Legislation
Law No. 74 of 30 December 2004: This foundational law regulates insurance contracts in San Marino, setting forth the rights and obligations of both policyholders and providers. It integrates pertinent directives from the European Union, promoting a harmonized legal approach to consumer protections across member states
Regulation No. 2024-02:Effective from 1 July 2024, this regulation governs insurance and reinsurance distribution. It repeals and replaces the previous Regulation No. 2007-02 and integrates the regulation on life insurance activities. The main objectives include aligning supervisory regulations with the recent reform of Chapter II, Title V, Part I of the LISF, transposing the standards set forth by EU Directive 2016/97 (Insurance Distribution Directive), and expanding the rules for the distribution of foreign insurance products in San Marino
🏛️ Regulatory Authorities
Central Bank of the Republic of San Marino (CBSM) The CBSM is the primary regulatory body overseeing the insurance and reinsurance sectors. It is responsible for implementing and enforcing regulatory policies within the financial sector, including the insurance industry. The CBSM ensures that insurers adhere to legal stipulations and operate within a framework that promotes financial stability and consumer protectio
Istituto per la Vigilanza sulle Assicurazioni (IVASS) While the CBSM handles the regulatory aspects, IVASS is tasked with ensuring compliance with the established laws and regulations, safeguarding the interests of consumers, and promoting fair competition among insurance provider
📋 Insurance Intermediarie
Insurance and reinsurance mediation activities in San Marino are subject to prior authorization by the CBM Intermediaries must register in the Register of Insurance and Reinsurance Intermediaries, providing necessary documentation and meeting specific requiremensForeign intermediaries are also required to obtain authorization and establish an establishment in San Marino to carry out their activitis.
🛡️ Consumer Protectin
San Marino's insurance laws prioritize consumer rights throgh:
*Clear and Comprehensive Policy Disclosures: Insurers are required to provide clear and comprehensive information to policyholders, ensuring transparency in insurance contrats.
*Regulations Against Unfair Practices: There are regulations in place to prevent unfair practices, including misleading advertising and discriminatory tems.
*Alternative Dispute Resolution Mechanisms: Consumers have access to alternative dispute resolution mechanisms to address grievances efficienly.
🌍 International Cooperaton
In July 2024, the CBSM signed a Memorandum of Understanding with the Portuguese Insurance and Pension Funds Supervisory Authority (S). agreement establishes a framework for bilateral cooperation between the two supervisory authorities in carrying out their respective functions and duties, providing a solid basis for mutual assistance in the supervision and regulation of insurance activiies.
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