On November, 4th 2021, IVASS issued Regulation no. 49 laying down the procedures to adopt the measures envisaged by the Decree of the Ministry of Economy and Finance no. 100/2021 implementing the Legal Decree 30 April 2019, n. 34 (so-called “Decreto Crescita”) establishing the conditions and the modalities how to conduct the trial in the […]
Author Archives: Giovanna Aucone
On 22 October 2021, in consideration of the evolution of European regulations, IVASS and CONSOB signed a Framework Agreement to strengthen the long-standing cooperation between the two Authorities, in order to better guarantee the investors and policyholders in their financial transactions and ensure a higher stability of the financial and insurance system. To this purpose, […]
On September 23rd 2021, IVASS published some clarifications concerning Provision no.111 of 2021. In particular, with reference to Art. 14, it has been specified that for the year 2021 only, the deadline by which the “qualified” insurance intermediaries are required to send IVASS the communications envisaged by Art. 11, paragraph 4, letter a) has been […]
The second Chamber of the European Court of Justice, with judgment c/790/19 clarified an important legal issue, establishing the principle according to which the perpetrator of the principal offense can be charged with the offense of money laundering, thus confirming the legitimacy of the self-laundering in all the EU States. The Court, in fact, called […]
By letter to the market of 28 July 2021, IVASS has fully acknowledged the content of the EIOPA Opinion on risk mitigation strategies. In fact, a study carried out by the European Insurance and Occupational Pensions Authority has shown that – since the entry into force of Solvency II – European insurers have increasingly resorted […]
Following Law Decree no. 34/2019 (so-called “Decreto Crescita”) converted into Law no. 58/2019 and the establishment of the Fintech Committee at the Ministry of Economy and Finance for constant comparison and coordination among Bank of Italy, CONSOB, IVASS and Mef, an important innovation in the Italian techno-finance landscape is coming. Indeed, as stated in a […]
By letter to the Market of 14 July 2021, IVASS spoke on investments in complex and/or illiquid financial instruments, providing guidelines that the supervised companies must follow when carrying out these activities. Since Solvency II came into force, and because of its induced prudential approach, financial investments have recorded particularly low or even negative interest […]
IVASS has recently published Regulation no. 48 of July 13, 2021, containing the implementing regulations for the capital increase process (so-called capital add-on) envisaged by articles 47-sexies and 216-septies of the CAP. The use of the capital add-on tool is aimed at ensuring that the regulatory capital requirements adequately reflect the global risk profile of […]
Following the public consultation started on December 11, 2019, the new Regulation no. 111/2021 is currently under publication in the Official Journal of the Italian Republic. Such Regulation envisages amendments to Regulation 44/2019 on internal organization, procedures, and controls as well as provisions on risk mitigation procedures. Specifically, the Regulation, limited to the life insurance […]
On July 1, 2021, when presenting the “Report on the activities carried out by the Institute in 2020“, President Luigi Federico Signorini highlighted the importance of consumer protection within the insurance business, also focusing on the needs of the “simplification of the rules for the protection of customers“. In this context, he stated that IVASS […]