{
  "title": "Italy: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision",
  "publication": "IMF Staff Country Reports, August 4, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/08/03/italy-financial-sector-assessment-program-technical-note-insurance-sector-regulation-and-49630",
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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.",
  "sections": [
    {
      "heading": "Scope and purpose",
      "content": "- 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.\n- The mission conducted a target review focusing on:\n  - the implementation of Solvency II,\n  - the financial resilience of insurers,\n  - the effectiveness of supervision,\n  - previously identified weaknesses.\n- The TN did not undertake a full assessment of Italy’s observance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICPs)."
    },
    {
      "heading": "Key developments in regulation and supervision",
      "content": "- Implementation of the European Union (EU) Solvency II Directive in 2016 has significantly strengthened regulation and supervision since the last FSAP by introducing:\n  - risk-based capital standards,\n  - comprehensive insurance group supervision,\n  - new requirements on governance, risk management and controls.\n- Supervision of intermediaries has been strengthened in line with the EU Insurance Distribution Directive in 2018."
    },
    {
      "heading": "Analytical focus areas",
      "content": "- Implementation of Solvency II and its impact on prudential requirements and supervisory practices.\n- Assessment of insurers’ financial resilience under the strengthened regulatory regime.\n- Evaluation of supervisory effectiveness and progress on previously identified weaknesses.\n\nSource: Italy: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision (IMF Staff Country Report No. 2020/233).\n\n---\n\n Content in this bundle\n\n- 1itaea2020003\n  - 1itaea2020003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1itaea2020003 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 4, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513552149.002",
    "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 TN did not undertake 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 by introducing:",
    "Supervision of intermediaries has been strengthened in line with the EU Insurance Distribution Directive in 2018.",
    "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.",
    "**1itaea2020003**"
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