IVASS – Consultation Document no. 3/2024

On March 28, IVASS (the Institute for the Supervision of Insurance) published the Consultation Document no. 3/2024 containing amendments and additions to ISVAP Regulation No. 38/2011 concerning segregated funds (“gestione seperata”).

ISVAP Regulation no. 38/2011 provided for a single method of calculating the average yield rate of segregated funds, attributing all gains and losses realized to the segregated fund’s yield in the same year of its realization.
With IVASS Provision no. 68/2018, an additional calculation criterion was introduced to allow the net gains realized in favourable economic periods to be set aside, in order to attribute them to less favourable periods – through the use of a “profit fund”. This provisions were applicable exclusively to contracts stipulated after IVASS Provision no. 68/2018 came into force.

Consultation Document no. 3/2024, composed of 2 articles and an attachment, aims to introduce provisions enabling companies to use the profit fund and the related calculation methods provided under IVASS Provision no. 68/2018 for ongoing contracts as well, with the goal of stabilizing segregated fund yields over multiple years. Additionally, it provides, with the attachment, a draft of the amendment proposal to be sent to the policyholders.
The deadline for the public consultation is set at 60 days from publication, and any observations or comments may be sent to IVASS at the following email address: fondoutili@ivass.it, using the provided table attached to the consultation document.