Letter to the market of 1st March 2023

IVASS (Institute for Insurance Supervision) has released a letter to the market outlining the key reporting obligations for Italian insurance companies in 2023. This letter details the reporting requirements and deadlines for the submission of Solvency II and financial stability data, as well as national supervisory surveys and statistics. The reporting requirements for Solvency II remain largely unchanged from previous years, and insurance companies are advised to consult the EIOPA website for any further clarifications.
In addition to Solvency II reporting, the IVASS remarks the survey on natural disasters and sustainability risks that was introduced with the letter to the market dated 27 July 2022. Concerning the ESG reporting requirements, it consists of two surveys in 2023:
– a quantitative survey covering investment and technical areas, with data as of 31 December 2022, and
– a qualitative survey covering the most up-to-date information available.
IVASS will provide updated instructions for the ESG reporting requirement on their website by 31 May 2023. Insurance companies must submit the required information by the deadline specified in the attached table.
IVASS has also announced the continuation of other reporting obligations, including the reporting of claims received by insurance companies. Furthermore, the IVASS will introduce a new procedure for requesting information on insurance activity in Italy for life and non-life premiums to assess the risks of money laundering and terrorism financing. The data collection and control of both reports will take place through the Infostat platform (AML survey) and will replace the current system. The survey will cover all communications sent annually to IVASS, starting with data from 2022 and must be submitted by 30 June 2023. The new signal format and collection system instructions will be published in March 2023 on the IVASS website. All insurance companies operating in the Italian market are subject to this survey.
Additionally, IVASS has informed that data collection for consolidated semi-annual reports (Bilanci consolidati IFRS 17) from 30 June, 2023, will be carried out using the new Infostat SECON survey, replacing the previous SEMCO survey. However, annual consolidated balance sheet data collection (BILCO survey) remains unchanged. This data collection applies to supervised insurance groups. Instructions for a new format will be provided later.
Insurance companies are reminded to conduct quality checks before submitting their reports and to follow the criteria specified by the IVASS. They are also encouraged to use the diagnostic functionality available for Infostat BILIN, REI, and ESG surveys to simplify the process of archiving flows and reducing the workload associated with making corrections. Any necessary corrections must be made promptly, and the only channel for submitting reports to the IVASS is the Infostat platform.