Result of Public Consultation of IVASS Regulatory Order no. 131/2023

IVASS published the outcomes of a public consultation of Regulatory Order no. 131/2023 on sustainable finance, which includes modifications and integrations to several regulations. These regulations are as follows:
– Regulation No. 24 of 6 June 2016, concerning investments and assets covering technical reserves
– Regulation No. 38 of 3 July 2018, regarding the system of corporate governance
– Regulation No. 40 of 2 August 2018, concerning insurance and reinsurance distribution
– Regulation No. 45 of 4 August 2020, regarding governance and control requirements for insurance products
A public consultation procedure regarding document no. 9/2022 was conducted, and comments and proposals were received from seven entities within the specified time frame. The entities that provided comments and proposals include AIBA, ANASF, ANIA, DLA Piper Studio Legale Tributario Associato, DPA, Floreani Associated Legal Firm, Unipol Gruppo S.p.A.. The received comments and the IVASS’s determinations in response to each comment or proposed change are provided in an attached summary. The summary includes general observations and specific comments on individual articles or sections of the regulations.
Simultaneously with the consultations outcome for document no. 9/2022, the text of IVASS Order No. 131 was published.
The report to Order No. 131 discusses the general regulatory framework of sustainable finance in the European Union, specifically in the insurance sector. It mentions EU initiatives related to sustainable finance and the adoption of regulations such as the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation. These regulations aim to guide capital flows towards sustainable investments and enhance transparency. The report also refers to the integration of sustainability risks and factors into the governance and control of insurance companies and the design of insurance products. The proposed modifications aim to align the regulations with the European Union’s sustainable finance directives applicable to the insurance sector.