On 10 August 2010, the Tribunal of Parma (the "Tribunal") reaffirmed the possibility of seizure of sums due under an index-linked policy. The Tribunal made reference to a previous judgement of the Supreme Court (the "Court") no. 8271/2008 where the Court affirmed that it was not possible to proceed to the seizure of insurance policies since Article 1923, paragraph 1, of the Italian Civil Code provides that the "sums due to policyholders or beneficiaries by the insurer may not be subject to enforcement proceedings or interim injunctions": In fact the aim of the above article is to ensure that the "welfare" purpose of life insurance policies are fulfilled. However, given that compared to other types of life insurance policies, index-linked policies do not pursue welfare purposes and that these latter should be considered more similar to financial instruments, the Tribunal stated that Article 1923 does not apply to this particular kind of insurance policy, and accordingly enforcement proceedings or interim injunctions should be allowed in relation to the payments made under index linked policies.
10 August 2010
Tribunal of Parma,