Branches of third-country insurance undertakings are subject to a reciprocity requirement.
"Chapter IV - UNDERTAKINGS WITH HEAD OFFICE IN A THIRD STATE
Art. 28 - (Business under the right of establishment)
1. If an insurance undertaking from a third State intends to pursue life and non-life insurance in the territory of the Italian Republic, it shall first be authorised by IVASS order to be published in the Bulletin. [...]
7. Authorization may not be granted when the home State does not respect the principle of equality of treatment or of reciprocity vis-à-vis undertakings with head office in the territory of the Italian Republic which have set up or propose to set up a branch in that State.[...]" (LEGISLATIVE DECREE 7 September 2005, n. 209, "Private Insurance Code"; last amended by LEGISLATIVE DECREE 30 December 2020, n. 187; Article 28 [unofficial translation])
LEGISLATIVE DECREE 7 September 2005, n. 209, "Private Insurance Code"; last amended by LEGISLATIVE DECREE 30 December 2020, n. 187; Article 28
[<a href="http://www.normattiva.it/uri-res/N2Ls?urn:nir:stato:decreto.legislativo:2005-09-07;209!vig=2021-08-20">Decree</a>],[<a href="https://www.ivass.it/normativa/nazionale/primaria/CAP_EN.pdf?language_id=3">Decree_ENG</a>]