Events listed in [IVASS] Instituto per la Vigilanza sulle Assicurazioni

Order No. 139 of 23 November 2023

ID 25912
IVASS published Provision No. 139 of 23 November 2023 regarding the determination of the percentage for the calculation of the management charges to be deducted from the insurance premiums collected in 2024 for the calculation of the supervisory fee on insurance and reinsurance. Based on the financial statements of insurance companies for the year 2022, the average impact of management expenses on direct labor ...

Consultation Paper no. 8/2023

ID 25238
IVASS has released a draft letter for public consultation regarding Product Oversight and Governance (POG). This letter outlines IVASS’s supervisory expectations regarding insurance companies‘ obligations in governing and controlling insurance products. This initiative stems from IVASS’s supervisory activities regarding the implementation of Product Oversight and Governance (POG) regulations by insurance companies. Its primary aim is to provide non-binding g ...

Letter to the market of 11 September 2023

ID 24886
IVASS published a Letter to the market concerning insurance companies based in other European Economic Areas (EEA) member states that are conducting business in Italy either through establishing a physical presence (right of establishment) or by offering services (freedom of services). The notice pertains to the supervisory fee that these insurance companies are required to pay for the year 2023. This letter essentially informs ...

Supervisory approach in the light of sustainability risks

ID 24357
Alberto Corinti, a member of the Board of Directors of the IVASS, discusses the supervisory approach concerning sustainability risks. He highlights that sustainability-related events and risks associated with the green transition can have adverse impacts on both insurers‘ liabilities and assets. As the insurance industry plays a crucial role as a risk-taker and institutional investor in promoting a sustainable world, supervisors find it increasingly ...

Consultation paper no. 7/2023

ID 24168
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 ...

Consultation Paper No. 6/2023

ID 23914
Ivass published Consultation no. 6/2023. This consultation document contains the draft Regulation on the digital transmission of personal information as referred to in Articles 190 and 190-bis of Legislative Decree 7 September 2005, No. 209 – Private Insurance Code and subsequent amendments and additions. The existing regulatory framework already imposes on insurance companies the obligation to communicate company and corporate governance-related personal data to ...

Consultation Paper No. 4/2023

ID 23715
The IVASS consultation no. 4/2023 proposes modifications and additions to Regulation IVASS No. 44/2019, which aims to prevent the use of insurance companies and intermediaries for money laundering and terrorist financing, particularly regarding internal organisation, procedures, internal controls, and customer due diligence. The document **presents the proposed changes by the IVASS to align the regulation with the EBA guidelines on compliance management policies and ...

Order No. 132 of 6 June 2023

ID 23611
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 ...

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

ID 23222
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 ...

Order no. 131 of 10 May 2023

ID 23216
The IVASS has published the Order No. 131 of 10 May 2023 on sustainable finance, which modifies the following IVASS Regulations: – No. 24/2016 on investments and activities covering technical reserves – No. 38/2018 on governance systems – No. 40/2018 on insurance and reinsurance distribution – No. 45/2020 on surveillance and governance requirements for insurance products This order **aligns with the European Union’s general ...
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