Regulation No. 2024-02 — Regulation on Insurance and Reinsurance Distribution

REGULATION ON INSURANCE AND REINSURANCE DISTRIBUTION year 2024 / number 02 (Consolidated text as of 29/01/2026 - Update II)

TABLE OF CONTENTS
PART I GENERAL PROVISIONS........................................................................................................5
Article 1 – Definitions.................................................................................................................................................................... 5
Article 2 – Legal basis and scope of application. ...............................................................................................................11
Article 3 – Exclusions....................................................................................................................................................................12
PART II REGISTER OF INSURANCE AND REINSURANCE INTERMEDIARIES......................14
TITLE I ESTABLISHMENT, CONTENT AND PUBLICATION OF THE REGISTER...................................................14
Article 4 – Establishment of the register of insurance and reinsurance intermediaries. ............................................................14
Article 5 – Content of the register..............................................................................................................................................14
Article 6 – Publication of the register........................................................................................................................................15
Article 7 - Digital address.........................................................................................................................................................15
TITLE II REQUIREMENTS AND PROCEDURE FOR REGISTRATION IN THE REGISTER.....................................15
Article 8 – Suitability requirements. ............................................................................................................................................15
Article 9 – Professional requirements.......................................................................................................................................18
Article 10 – Application for registration. ..........................................................................................................................................20
Article 11 – Registration procedure in the register .....................................................................................................................21
Article 12 – Conditions for commencing operations. ...............................................................................................................22
TITLE III SUSPENSION AND REMOVAL FROM THE REGISTER.................................................................23
Article 13 – Removal upon request by the party..........................................................................................................................23
Article 14 – Ex officio removal...........................................................................................................................................23
Article 15 – Re-registration ..............................................................................................................................................................24
Article 16 – Ex officio suspension .............................................................................................................................................24
Article 17 – Effects and publication of suspension and removal. ...................................................................25
Article 18 – Procedure for the issuance of ex officio suspension and removal measures. ...............25
PART III CONDUCT OF DISTRIBUTION AND RULES OF CONDUCT .......27
TITLE I GENERAL PROVISIONS..........................................................................................................................27
Article 19 – General principles for distribution by insurance companies ....................................................27
Article 20 - General principles for distribution by intermediaries. .......................................................................28
Article 21 – Obligations of asset segregation. ................................................................................................................................28
Article 22 – Discharge effect of payments.......................................................................................................................30
Article 23 – Special provisions for brokers.........................................................................................................................30
Article 24 – Civil liability insurance coverage. .............................................................................................................................31
Article 25 – Horizontal collaboration relationships between intermediaries..................................................................................31
Article 26 – Conditions for the exercise of distribution....................................................................................................32
Article 27 – Special conditions for distribution by financial companies. .....................................................34
Article 28 – Retention of documentation.................................................................................................................34
Article 29 – Documentation for the records of companies and intermediaries..........................................................................35
Article 30 – Professional updating...............................................................................................................................35
Article 31 - Collective contracts. .................................................................................................................................36
Article 32 – General rules of conduct and transparency towards clients...........................................37
Article 33 – Remuneration and incentive systems ........................................................................................................37
Article 34 - Conflicts of interest.................................................................................................................................................38

Article 35 - Pre-contractual information ...................................................................................................................................39
Article 36 - Information on remuneration ...........................................................................................................................40
Article 37 - Assessment of the policyholder's requests and needs and advice .............................................................41
Article 38 - Bundled sales.......................................................................................................................................................42
Article 39 - Methods of information........................................................................................................................................43
Article 40 – Pre-contractual information document models.........................................................................................44
TITLE II SUPPLEMENTARY PROVISIONS FOR INSURANCE INVESTMENT PRODUCTS45
Article 41 – General rules.........................................................................................................................................................45
Article 42 – Pre-contractual information ..................................................................................................................................46
Article 43 – Requirements for information provided on the product..............................................................................................47
Article 44 – Advertising communications .................................................................................................................................49
Article 45 – General principles on incentives...............................................................................................................49
Article 46 – Conditions for the admissibility of incentives.........................................................................................................51
Article 47 – Suitability assessment ..................................................................................................................................52
Article 48 – Appropriateness declaration ..............................................................................................................................53
Article 49 – Appropriateness assessment .............................................................................................................................54
Article 50 – Mandatory advice.........................................................................................................................................55
Article 51 – Information to be obtained from the policyholder ............................................................................................................55
TITLE III PROMOTION AND PLACEMENT OF INSURANCE CONTRACTS THROUGH
DISTANCE COMMUNICATION TECHNIQUES ...................................................................................................56
Article 52 – Off-site offers and distance communication techniques. ...........................................................................56
Article 53 - Pre-contractual information in case of sales through distance communication techniques .........56
Article 54 – Rules of conduct in case of promotion and placement at a distance............................................57
Article 55 – Transmission of documentation....................................................................................................................58
Article 57 – Placement of unsolicited contracts ..............................................................................................................59
Article 58 – Comparison services .........................................................................................................................................60
Article 59 – Procedures for promotion and placement via internet .....................................................................61
Article 60 – Procedures for promotion and placement via call center....................................................................61
PART IV PRE-CONTRACTUAL INFORMATION, ADVERTISING AND DEVELOPMENT OF
INSURANCE PRODUCTS......................................................................................................................62
Article 61 – Integration of Title XI of Regulation No. 2008-01.................................................................................62
Article 62 – Extension to intermediaries ..................................................................................................................................81
PART V GOVERNANCE AND CONTROL OF INSURANCE PRODUCTS...........................................82
Article 63 – Integration of definitions of Regulation No. 2008-01 regarding life insurance business82
Article 64 – Integration of Title VIII of Regulation No. 2008-01 regarding life insurance business .82
Article 65 – Extension to intermediaries ..................................................................................................................................89
Article 66 - Distribution mechanisms. .................................................................................................................................89
Article 67 - Actual target market............................................................................................................................91
Article 68 - Information exchange with producers .................................................................................................................93
Article 69 - Role of corporate bodies and control functions of intermediaries registered in section C
of the register..........................................................................................................................................................................................93
Article 70 - Internal control systems for the insurance distribution activity of INTERMEDIARIES registered in
sections A and B of the register ................................................................................................................................................................94

Article 71 - Collaboration relationships .....................................................................................................................................94
PART VI CROSS-BORDER OPERATIONS ..............................................................................96
TITLE I CROSS-BORDER OPERATIONS OF INTERMEDIARIES..........................................................96
Article 72 – Authorization procedure for exercising activities abroad..................................................................96
Article 73 – Operations in the Republic of San Marino by foreign intermediaries................................................................96
TITLE II EXERCISE IN THE REPUBLIC OF SAN MARINO OF INSURANCE ACTIVITIES BY
FOREIGN COMPANIES ...........................................................................................................................................97
Article 74 – Authorization procedure..........................................................................................................................................97
Article 75 – Application for authorization. .................................................................................................................................98
Article 76 – Direct distribution with a branch ...............................................................................................................98
Article 77 – Direct distribution without a branch ..........................................................................................................100
Article 78 – Measures by the Central Bank..................................................................................................................100
PART VII SUPERVISION........................................................................................................................... 102
Article 79 – Powers of the Supervisory Authority. ........................................................................................................................102
Article 80 – Supervisory inspections on distributors......................................................................................................................102
Article 81 – Informational supervision on distributors................................................................................................................103
Article 82 – Sanctions...................................................................................................................................................................105
PART VIII TRANSITIONAL AND FINAL PROVISIONS...................................................................... 106
Article 83 – Final provisions .................................................................................................................................................106
Article 84 – Transitional provisions........................................................................................................................................106

PART I
GENERAL PROVISIONS
Article 1 – Definitions.

1. For the purposes of this Regulation, the following shall be understood as:

• “staff”: staff of the company and staff of the intermediary, whether on-site or off-site;

• “company staff”: employees of the insurance or reinsurance company directly involved in distribution activities, excluding those in charge;

• “off-site staff”: individuals who, although not in charge of distribution activities (RAD), such as legal representatives, directors, or employees of the insurance or reinsurance intermediary registered in the Register, carry out distribution activities even outside the premises where the intermediary is headquartered (off-site), as well as economic operators commissioned by them (so-called sub-intermediaries, such as collaborators or producers), provided they are not themselves insurance or reinsurance intermediaries, who carry out insurance and reinsurance distribution activities on behalf and under the responsibility of the aforementioned intermediary (vertical collaboration);

• “on-site staff”: employees and other appointed persons of intermediaries registered in the Register, who carry out insurance and reinsurance distribution activities on behalf and under the responsibility of said intermediaries, excluding those in charge, exclusively within the premises where the intermediary is headquartered (on-site);

• “member”: the subject who evaluates and freely decides to avail themselves of the coverage of a collective insurance contract, expressing explicit consent and bearing, in whole or in part, directly or indirectly, the economic burden of the premium;

• “agents”: intermediaries who act exclusively in the name or on behalf of one or more insurance or reinsurance companies, sourcing clients for them;

• “Central Bank”: Central Bank of the Republic of San Marino – Supervision Department;

• “broker”: intermediaries who act on behalf of clients, sourcing insurance coverage for them but without representation powers for insurance or reinsurance companies;

• “horizontal collaboration”: peer-to-peer collaboration between operational intermediaries registered in the register of insurance and reinsurance intermediaries, with their respective responsibilities;

• “vertical collaboration”: hierarchical collaboration between an operational intermediary and a San Marinese economic operator, not falling under the category of intermediaries, operating as off-site staff on behalf and under the responsibility of the aforementioned intermediary;

• “compensation”: any commission, fee, expense, or other payment, including other economic benefits of any kind or any other advantage or financial or non-financial incentive, offered or provided in connection with insurance distribution activities;

• “advice”: the provision of personalized recommendations to a client, at their request or on the initiative of the insurance product distributor, regarding one or more insurance contracts;

• “standardized contracts”: insurance contracts for which no option to modify the contractual conditions established by the insurance company is provided, as well as, in the case of policy issuance through computerized connections, contracts that are protected from internal interference within the intermediary's structure;

• “policyholder” or “client”: the natural or legal person who concludes the insurance contract or, in any case, the person in whose favor a distributor carries out insurance distribution activities;

• “DIP P&C”: the pre-contractual information document to be used for non-life insurance branches, as regulated by Implementing Regulation (EU) 2017/1469;

• “DIP Life”: the pre-contractual information document to be used for life insurance products other than insurance investment products;

• “DIP IBIP”: the pre-contractual information document to be used for insurance investment products, in addition to the KID;

• “distributor”: insurance or reinsurance intermediaries and, when they directly carry out insurance and reinsurance distribution activities, insurance or reinsurance companies using their own employees and/or through the use of distance communication techniques, i.e., techniques for contacting clients other than advertising announcements, which do not involve the physical and simultaneous presence of the client and the company or its appointed representative;

• “distribution”: the insurance and reinsurance distribution activity defined in Article 26(1) of Law No. 165 of 17 November 2005 and subsequent amendments;

• “sustainability factors”: environmental, social, and personnel-related issues, respect for human rights, and matters concerning the fight against active and passive corruption;

• “large risks”: those falling under the following non-life insurance branches:
  a) 4 (railway rolling stock), 5 (aircraft), 6 (ships, inland waterway vessels), 7 (goods in transit), 11 (aviation liability) and 12 (marine, inland waterway vessel liability) unless otherwise provided in the following letter c); b) 14 (credit) and 15 (suretyship), provided the insured professionally carries out an industrial, commercial, or intellectual activity and the risk relates to this activity; c) 3 (land vehicles, excluding railway vehicles), 8 (fire and natural elements), 9 (other property damage), 10 (motor vehicle liability), 12 (marine, inland waterway vessel liability) regarding vessels subject to mandatory insurance, 13 (general liability) and 16 (loss of profit), provided the insured exceeds the limits of at least two of the following three criteria:

1. the total assets on the balance sheet exceed six million two hundred thousand euros;
2. the turnover amount exceeds twelve million eight hundred thousand euros;
3. the average number of employees employed during the financial year exceeds two hundred and fifty units.

If the insured is a company that is part of a group required to prepare a consolidated financial statement, the above conditions shall refer to the group's consolidated financial statement;

• “IDD”: Directive (EU) 2016/97 on insurance distribution (Insurance Distribution Directive);
• “insurance companies”: insurance and reinsurance companies authorized respectively