(Alliance News) - The insurance guarantee fund, intended to protect life insurance customers in case of company default, is ready to start with an initial endowment of about EUR300 million, aiming to exceed EUR3 billion in 10 years.

As Milano Finanza writes on Friday, the measure, inspired by the bank account system, was introduced by the Meloni government after the Eurovita crisis, which involved 400,000 Italian customers.

The fund will be financed according to the companies' turnover -- from 0.4 per thousand up to 0.4 percent of life reserves -- and will guarantee interventions of up to EUR100,000 per claimant in case of compulsory liquidation.

In December, the interim management committee was formed, which, by February, will define the fund's bylaws and operating procedures.

Committee members include managers from the major companies involved in the rescue of Eurovita: Allianz, Generali, Poste Vita, Unipol, and Intesa Sanpaolo, which will also contribute to the fund. Estimates for the first year call for a commitment of about EUR50 million for Generali, EUR58 million for Poste Vita, a net EUR28 million for Intesa, and EUR18 million for Unipol.

Disbursement of the first resources is expected in mid-February. In the meantime, IVASS has provided guidance on accounting for commitments to ensure a protective net of 0.4 percent of the system's total reserves, or more than EUR3 billion.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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