Insurope - Network Partner: Company Profile

our Network Partner in Italy

Fondiaria / SAI S.p.A

Fondiaria-SAI was formed in 2002 through the merger of La Fondiaria Assicurazioni S.p.A. and

Società Assicuratrice Industriale S.p.A. (S.A.I.). It ranks third among Italian insurers with a premium income exceeding EUR 8 billion (USD 9.4 billion) and over 8 million clients.

La Fondiaria Assicurazioni S.p.A. has been offering insurance, reinsurance, banking and financial

services for over 100 years with a product portfolio that includes life, health, accident, property and casualty, liability, and auto insurance.

Società Assicuratrice Industriale (S.A.I.), founded in 1921, has been operating in the life insurance market since 1961 and underwrites a complete line of life, disability, medical, and pension plans designed to complement the Italian statutory benefits, as well as financial services and products that include asset management and the administration of retirement savings plans. S.A.I. is also the leading automobile insurance company in Italy.

Key Products

Life

� Life

� Life Cover for Retirees

� Accidental Death and Disability

� Permanent and Total Disability

� Dirigenti Life Plans

� Optional Supplemental Life (Employer Funded)

� Widow�s and Orphans� Pensions

Disability

� Accident and Sickness

� Long-Term Disability

� Waiver of Premium

Medical

� Hospital and Surgical

� Major Medical

Pensions

� Managed Funds

Other

� Group Personal Accident

� Travel Accident

Fondiaria-SAI is located on the internet at: http://www.fondiaria-sai.it.

(some Information is not available in English.)

local language

PERCHE INSUROPE
La realtà economica delle imprese ha assunto ormai una dimensione internazionale: efficacia ed efficienza rappresentano gli obiettivi essenziali da perseguire. In tale ottica è importante sviluppare vantaggi competitivi necessari per poter conquistare sempre maggiori quote di mercato.

Per le imprese multinazionali, il "multinational pooling" gestito da Insurope rappresenta una interessante opportunità di risparmio e di servizio. Permette infatti di poter ottenere una diminuzione dei costi assicurativi, e garantisce un servizio affidabile grazie a partner assicurativi di primaria importanza e consolidata esperienza.

COSA E INSUROPE
Insurope è unorganizzazione internazionale creata su iniziativa delle maggiori compagnie assicurative europee con una consolidata esperienza nella gestione di polizze collettive.

Insurope opera sin dal 1966 ed attualmente ha partner assicurativi in oltre 50 paesi nel mondo.

Lobiettivo principale dellattività svolta da Insurope è quello di soddisfare le esigenze assicurative per le aziende che operano nei diversi mercati internazionali. Attraverso il proprio network di relazioni tra le diverse compagnie assicurative appartenenti al pool, Insurope, rappresenta per i propri clienti un indispensabile partner.

Lorganizzazione di Insurope è costituita da una sede centrale e da vari uffici regionali di carattere rappresentativo che si occupano di gestire direttamente i rapporti con le aziende clienti.

Il centro vitale della struttura è il "Segretariato" con sede a Bruxelles, i cui compiti consistono nellelaborazione e gestione dei singoli programmi assicurativi - i "multinational account".
Fornisce inoltre assistenza specifica a tutte le compagnie di assicurazione aderenti al "pool".

typical benefit plan

Private Benefits

Insurance companies plan an important role in supplementing the benefits provided under the Social Security System. The life branch of the insurance industry complements Social Security by offering a comprehensive package of coverage called "collective" insurance, which has the primary advantage of lower costs, a higher return, more liberal underwriting conditions, and flexibility of premium payments.

What follows is intended only to give a basic outline of the kinds of benefits most often provided.

1. Retirement Benefits:

Over the past few years, there has been an increasing interest in supplemental pension plans that are integrated with Social Security benefits. Most of the quotations that have been prepared concern the highest levels of employees since the Social Security benefits were considered insufficient to grant a satisfactory standard of living compared with the earnings during their active service.

The Divisione SAI, in order to meet this need for private pension plans, offers a single premium deferred annuity that has the following advantages:

- A life pension (eventually reversible)

- Revaluation of the annuity insured

- Guarantee of the company assets

This tariff gives the opportunity to build up a desired pension based on the final salary or on some percentage of it. The annuity is revalued by PRESS (Previdenza Speciale SAI), and revaluation depends on the investment return made by the PRESS Fund. The investment fund yield for 2004 was 4.05%.

Since January 1, 2000, the annuities related to the new policy or a renewed policy are revalued by NUOVA PRESS 2000, a new Fund with a larger percentage of share investments. The investment fund yield for 2004 was 4,34%.

2. Death Benefits:

This type of insurance provides a lump-sum benefit, generally linked to the annual salary of the insured (two, three, four, etc., times annual compensation).

3. Disability Benefits:

a) Permanent and Total Disability:

PTD is a typical rider to a life policy and provides benefits if an insured has lost at least two-thirds of his earning capacity due to accident or illness.

A lump-sum benefit equal to two or three times annual salary is common.

b) Illness and Temporary Disability Caused by Accident:

There is a tendency in Italy to offer benefits to complement Social Security, or complete coverage for classes of professionals, who are not covered by Social Security, or for uninsured relatives of people covered by Social Security (only for hospitalization).

Medical Expenses for doctors' visits at home are offered by some companies but have evidenced a very negative trend.

Due to the Health Reform, private insurance companies are now considering other types of coverage, such as a system of daily allowances in substitution for the reimbursement of hospitalization expenses, and a plan for catastrophic expenses, subject to a deductible.

Some insurance companies offer wage replacement for workers in case of illness; however, this form of insurance is rather costly.

Since 1986, the National Labor Agreement of the Industrial Dirigenti provides that dirigenti (executives and senior managers) must be compulsorily covered by an Accident Policy in case of Death and Permanent and Total Disability caused by accident. The coverage must provide:

i. A lump-sum equal to five times the annual salary in case of Accidental Death;

ii. A lump-sum equal to six times the annual salary in case of Permanent and Total Disability caused by accident.

In certain industrial sectors, there is a tendency to introduce a compulsory form of private insurance for employees, as well as for executives.

4. Other Benefits:

a) Termination of employment allowance: this type of insurance is a financial vehicle for the payment of the legal termination indemnities.

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