In light of recent press reports concerning frauds committed against San Marino residents acting as policyholders of insurance contracts, the Central Bank of San Marino (CBSM), as the sole Supervisory Authority for the San Marino banking, financial, and insurance systems, reminds that, under the current regulatory framework, foreign insurance companies are authorized to distribute policies in the Republic of San Marino solely through intermediaries authorized by CBSM.
The list of companies and intermediaries authorized to distribute insurance products in the territory of the Republic of San Marino is available by accessing the official registers on the website www.bcsm.sm, in the section “Public Services \ Public Registers”.
- Authorized Companies: List of foreign insurance companies authorized to enter into insurance contracts in San Marino (art. 31 Regulation No. 2007-02);
- Authorized Intermediaries: Register of Insurance and Reinsurance Intermediaries.
CBSM therefore invites consultation of the official lists in case of doubts regarding the identity of individuals proposing insurance policies within the territory.
Finally, in line with the ongoing process of European integration of the Republic of San Marino and in accordance with the institutional functions of CBSM, an update to the current regulations on insurance distribution is currently under consultation, which introduces, among other things, additional measures to protect users in the insurance sector.