## 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](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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## Bibliographic details
- Published: August 4, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513552149.002

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### 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).*

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_Source: https://www.imf.org/en/publications/cr/issues/2020/08/03/italy-financial-sector-assessment-program-technical-note-insurance-sector-regulation-and-49630_