by Marco Golia

 

The Italian Supreme Court of Cassation with the recent ordinance n. 10333 of 2018 has faced the topic of “life insurance policies”. In particular, the sentence submitted to the exam of the Superior Judges concerns a ruling of the Court of Appeal of Milan. In such judgment the territorial court has stated that whether the guarantee of preservation of the capital at its final term is missing and therefore the insurance nature of the product is missing, the product object of the intermediation shall be considered as a financial investment agreement. This sentence, having been confirmed in a subsequent judgment before the Court of Cassation, has raised considerable concerns for the operators of the insurance world. In reality, however, the Supreme Court has not entered into the merits of the interpretation of the insurance agreement.