APPROFONDIMENTI

The limitation period (prescrizione in Italian) relevant to insurance and reinsurance contracts is 2 (two) years, as provided under Art. 2952 of the Italian Civil Code, recently amended pursuant to the law-decree dated August 28th 2008 n. 134. It presently reads as follows (free translation):

"Limitation of action in matter of insurance"

"The right to payment of rateable premiums will become time-barred after one year from the due date of each instalment.
The other rights arising from a contract of insurance or from a contract of reinsurance will be statute-barred after two years from the day of the occurrence of the fact giving rise to its cause of action.
Under civil liability insurance the limitation period will start to run from the day the third party has claimed an indemnity from the insured or has brought legal proceedings against him.
Notice to the underwriter of the third party's claim or of the legal action brought about by the third party claimant will suspend the limitation period until either the claim of the third party has become liquid and enforceable or is statute-barred.
The previous subsection covers the reinsured's action against the reinsurer in so far as the payment of the indemnity is concerned".

The regime of the prescrizione under Italian law is based on public policy and therefore it can be neither altered by mutual agreement (Art. 2936 It. Civil Code) nor waived before its expiry (Art. 2937 It. Civil Code).