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09 February 2016
Draft regulations on investments and assets covering technical provisions (Consultation Document 26/2015) were published on the website of IVASS (the Italian insurance regulator) on December 16 2015.
The draft regulations aim to implement the new provisions introduced in this regard under Articles 37ter and 38 of the Insurance Code following Decree-Law 74/2015's transposition of the EU Solvency II Directive (2009/138/EC) and the European Insurance and Occupational Pensions Authority guidelines in this field.(1)
Observations and proposals on the draft regulations may be sent to IVASS by no later than February 15 2016.
The main changes that the draft regulations introduce with respect to the existing provisions include:
The framework resolution on investments (adopted by management and reviewed at least once a year) will define:
Senior management is responsible for implementing, maintaining and monitoring investment management policies, while the supervisory body is responsible (among other things) for substantiating the compatibility and consistency of these policies with respect to the company's risk profile and financial position.
For further information on this topic please contact David Maria Marino at DLA Piper Italy by telephone (+39 02 80 61 81) or email (firstname.lastname@example.org). The DLA Piper website can be accessed at www.dlapiper.com.
(1) For further information on the Insurance Code please see "Insurance Code amended".
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