IMF Staff Country Reports

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

August 4, 2020

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Italy: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision, (USA: International Monetary Fund, 2020) accessed September 18, 2024

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.

Subject: Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Macroprudential analysis, Solvency, Stress testing

Keywords: Arbitration function, CR, Europe, Expert IVASS board members, Insurance, Insurance companies, Insurance product, Insurance sector, ISCR, IVASS authority, IVASS colleague, IVASS data, IVASS exercise, IVASS independence, IVASS sensitivity analysis, IVASS statute, Macroprudential analysis, Market share, Risk management, Sanction power, Solvency, Solvency II, Stress testing

Publication Details

  • Pages:

    56

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2020/233

  • Stock No:

    1ITAEA2020003

  • ISBN:

    9781513552149

  • ISSN:

    1934-7685

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