Italy: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision
IMF Staff Country Reports, August 4, 2020
Source details
- Canonical URL
- Italy: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision
Other formats
Bibliographic details
- Published: August 4, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513552149.002
Scope and purpose
- The 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,
- previously identified weaknesses.
- The TN did not undertake a full assessment of Italy’s observance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICPs).
Key developments in regulation and supervision
- Implementation of the European Union (EU) Solvency II Directive in 2016 has significantly strengthened regulation and supervision since the last FSAP by introducing:
- risk-based capital standards,
- comprehensive insurance group supervision,
- new requirements on governance, risk management and controls.
- Supervision of intermediaries has been strengthened in line with the EU Insurance Distribution Directive in 2018.
Analytical focus areas
- Implementation of Solvency II and its impact on prudential requirements and supervisory practices.
- Assessment of insurers’ financial resilience under the strengthened regulatory regime.
- Evaluation of supervisory effectiveness and progress on previously identified weaknesses.
Source: Italy: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision (IMF Staff Country Report No. 2020/233).
Content in this bundle
- 1itaea2020003