Italy: Financial Sector Assessment Program: Detailed Assessment of Observance of the Insurance Core Principles

IMF Staff Country Reports, March 1, 2006

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Canonical URL: Italy: Financial Sector Assessment Program: Detailed Assessment of Observance of the Insurance Core Principles

The assessment examines observance of the Insurance Core Principles for Italy.
Insurance supervision in Italy operates within a legal framework that "incorporates the relevant European Union Directives."
"More than two-thirds of the principles have been assessed as being observed or largely observed."
The authorities in Italy "are actively pursuing a number of legislative and supervisory initiatives that hold the potential to materially improve the level of observance in the near future."

Legal and institutional alignment:
- Supervision is grounded in a legal framework aligned with EU Directives, implying cross-border regulatory harmonization influences.
Observance coverage:
- A substantial majority of the Insurance Core Principles meet observed or largely observed assessments (expressed as "more than two-thirds"), indicating generally strong compliance but with room for improvement on the remaining principles.
Prospects for improvement:
- Ongoing legislative and supervisory initiatives by Italian authorities are identified as having potential to materially improve observance in the near term.

assessment formula
board of directors
corporate governance
CR
EU insurer
financial situation
fraud control measure
Global
Insurance; Insurance companies; insurance market; insurance supervision; intermediation activity
Internal controls; investment policy; ISCR; ISVAP decision
liability insurance; life insurer
organization structure; reinsurance program; risk management; Solvency; supervisory authority