On November 26, 2024, the Italian Institute for the Supervision of Insurance (IVASS ) issued Provision No. 151/2024, introducing amendments to ISVAP Regulation No. 38/2011 concerning segregated funds (“gestione separata”). This measure continues the reform initiated by IVASS Provision No. 68/2018, which allowed companies to allocate net capital gains from the sale of securities to […]
On November 13, 2024, IVASS published Consultation Document No. 8/2024, containing a draft Market Letter on outsourcing, aimed at promoting the uniform application of European and national regulations. The document provides non-binding guidance for insurance companies, outlining IVASS’s expectations to ensure responsible and effective management of outsourced activities. Key points include strengthening the role of […]
On 20 November 2024, the European Supervisory Authorities (EBA, EIOPA, and ESMA – collectively known as the ESAs) published Joint Guidelines on the system for exchanging information related to the assessment of fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions (commonly referred to as Fit & Proper […]
On 14 November 2024, the EIOPA (European Insurance and Occupational Pensions Authority) has published an opinion on the application of the DORA (Digital Operational Resilience Act) to insurance companies in relation to the changes to the Solvency II regulatory framework. Here are the key points: New size thresholds in Solvency II: The Solvency II review […]
In implementation of Article 20, paragraph 4, of Legislative Decree No. 199/2021 and Article 3, paragraph 1, of the Ministerial Decree on Suitable Areas, the Region Apulia approved Bill No. 222: “Provisions for the identification of suitable and unsuitable areas and surfaces for the installation of renewable energy plants.” The Bill includes concessions and limitations for projects […]
The recently published IVASS Provision no. 150 of September 25, 2024, has introduce important changes and additions to Ivass Regulation No. 36 of February 28, 2017. This Provision updates submission of data regarding the pricing for motor vehicle liability insurance (RC auto) for motorcycles and mopeds. The amendments are limited to private use of said […]
The three European supervisory authorities, EBA, EIOPA, and ESMA, have announced the appointment of Mr Marc Andries as head of their new joint directorate responsible for overseeing critical third-party providers, which has been established under the Digital Operational Resilience Act (DORA). Mr Andries has taken on the role of DORA Joint Oversight Director as from […]
By order of 26 August 2024, the Court of Milan confirmed the possibility for the injured party, to take a legal action directly against the Insurance Company as it is provided for the Gelli-Bianco Law (Law no. 24/2017). In particular, the judge established that after the entry into force of the Ministerial Decree 232/2023, the […]
On September 20, IVASS President Luigi Federico Signorini spoke at the ANIA conference “Disaster Risk Financing: the role of insurance for new public-private partnerships”, where he addressed the issue of managing risks related to climate change. The President highlighted that in 2023, damages caused by floods, fires, and storms exceeded 13 billion euros, emphasizing the […]
On September 17, the Institute for the Supervision of Insurance (IVASS) published on its website Consultation Document No. 7/2024, containing the amendments the institute intends to make to ISVAP Regulation No. 7 of July 13, 2007, concerning the accounting schemes for insurance and reinsurance companies. The Document aimed at improving the transparency and comparability of […]
