Order No. 132 of 6 June 2023

Ivass has published the Order no. 132 of 6 June 2023 with amendments to Regulation no. 18 of 15 March 2016 concerning the application rules for determining technical provisions under the Solvency II regime, referred to the determination of technical reserves for insurances provided by Article 36-bis, of Legislative Decree No. 209 of 7 September 2005, known as the Private Insurance Code.
These modifications to the determination of technical provisions serve as the national implementation of the EIOPA guidelines on the valuation of technical provisions and guidelines on contract boundaries (please see eventid=15935).
EIOPA’s guidelines on the valuation of technical provisions emphasize the principle of proportionality and highlight the need for companies to evaluate the relevance and impact of assumptions in technical provision calculations. EIOPA also introduces criteria for modeling biometric risks, determining investment management expenses, selecting appropriate models for policyholder behavior and contractual options, and identifying risk factors. They provide operational procedures for planning future management actions and calculating expected profits included in future premiums.
This order entered into force on the day following its publication in the Italian Official Gazette, thus on 21 June 2023.