Italy:Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision

Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision

Volume/Issue: Volume 2020 Issue 233

Publication date: August 2020

ISBN: 9781513552149

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Economics- Macroeconomics , ISCR , CR , Solvency II , insurance sector , IVASS statute , sanction power , IVASS authority , IVASS data , IVASS exercise , IVASS sensitivity analysis , market share , risk management , IVASS colleague , insurance product , IVASS independence , expert IVASS board members , Insurance companies , Insurance , Solvency , Stress testing , Macroprudential analysis , Europe , arbitration function

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Summary

This technical note (TN) provides an update and an assessment of the supervisory framework and practices for the Italian insurance sector since the last assessment concluded in 2013. The mission conducted a target review focusing on the implementation of Solvency II, the financial resilience of insurers, the effectiveness of supervision, and previously identified weaknesses without a full assessment of Italy’s observance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICPs). Implementation of the European Union (EU) Solvency II Directive in 2016 has significantly strengthened regulation and supervision since the last FSAP, introducing risk-based capital standards, comprehensive insurance group supervision and new requirements on governance, risk management and controls. The supervision of intermediaries has also been strengthened in line with the EU Insurance Distribution Directive in 2018.