The European Insurance Directives provide for the principle of home state regulation. Any rules applied to an insurance undertaking by a host Member State cannot be arbitrary and must serve a "general good".
The Italian supervisory authority, ISVAP, has published a list of rules which will be imposed under this concept. For each rule, ISVAP has indicated whether it applies to undertakings operating under either the freedom of services or freedom of establishment regimes (or indeed both). These rules will apply when undertakings sell insurance products in Italy regardless of the fact that the policy may not subject to Italian law.
In addition, ISVAP has published a number of rules which cannot be justified under the principle of the general good, but have been published in order to set out the status of the implementation of the Insurance Directives in Italy.
This list, which provides useful guidance to companies operating in Italy, has been drafted in order to set out an official interpretation of what host state rules are to be considered justified by reason of serving the general good. But the list is not comprehensive. Therefore, the publication of this list will not relieve insurance undertakings carrying out activities in Italy from the obligation of investigating whether other host state rules may be applicable to them.