Consultation paper no. 7/2023

IVASS has put forward for public consultation an Order containing new requirements and criteria for the suitability of corporate representatives and individuals performing crucial functions in the insurance sector.
The Order specifically amends provisions of IVASS Regulation No. 29 of 6 September 2016, concerning local insurance companies, and IVASS Regulation No. 38 of 3 July 2018, regarding the corporate governance system.
The regulations governing the aforementioned requirements and suitability criteria for corporate representatives in insurance companies are outlined in Article 76 of the Private Insurance Code, as amended by Legislative Decree No. 841 of 14 July 2020, including:
– Requirements of professionalism, integrity, independence, and criteria of competence and fairness
– The obligation to dedicate the necessary time to fulfilling the position
– Self-assessment by the administration and control bodies
These requirements and suitability criteria for corporate representatives in insurance companies are specified in Ministry of Economic Development Decree No. 88 of 2 May 2022.
The current IVASS regulations are included in Regulation No. 29 for local companies and Regulation No. 38 for Solvency II regime companies concerning corporate governance.
As both regulations predate the 2022 Ministry of Economic Development Decree (MISE), they require adjustment.
Regarding the main novelties in the consultation, IVASS intends to:
– Coordinate IVASS regulations with the CAP and Ministry of Economic Development Decree No. 88 of 2022.
– Implement the delegation provided by the Ministry of Economic Development Decree concerning the composition of the administrative body
– Establish new procedural rules for assessing requirements and criteria
– Integrate the regulations on suitability requirements and criteria within the context of group corporate governance.
– Define regulations for specific mutual insurance companies
Any observations, comments and proposals may be sent to IVASS by 10 October 2023 to: requisitiesponenti@ivass.it