IVASS – Amendments and integrations to IVASS Regulation No. 52/2022

On February 23, IVASS (Institute for Insurance Supervision) published on its website the public consultation document containing proposals for the amendments of IVASS’s Regulation No. 52/2022 (hereinafter the “Regulation”) concerning the implementation of provisions in the temporary suspension of capital loss related to non-durable securities.

The Authority aims at aligning the current regulation on capital loss related to non-durable securities with the provisions contained in Article 45, paragraph 3-octies, of Legislative Decree No. 73/2022 (and subsequent amendments).

In this regard, IVASS intends to amend the regulation of the unavailable reserve providing that, in the proceeding on how to calculate such reserve, the undertakes shall also take into account the impact of the existing commitments to policyholders into the financial year and up to the following five financial years if provided for by the decree of the Minister of Economy and Finance referred to in Article 45, paragraph 3-duodecies, of Legislative Decree No. 73/2022.

Furthermore, IVASS intends to amend paragraph 3 of Article 5 of the Regulation providing that the undertakes shall include in the notes to the financial statements the table annexed to the proposal (Annex A) that must be fulfilled with the provided instructions (Annex B).

The deadline for the public consultation is set at 15 days; therefore, any observation and comment can be sent to IVASS by March 9, 2024, using the appropriate table available on the website.