IVASS has released Consultation Document No. 04/2026, dated 10 April 2026, setting out a draft amendment to IVASS Regulation No. 55/2024 (the “RIGA Regulation”) regarding the digital transmission of corporate and master data for insurance undertakings and groups.
The consultation, open until 10 May 2026, specifically targets Articles 9 and 16 of Regulation No. 55/2024, with the objective of accelerating the population of the RIGA register. The primary amendment involves reducing the general deadline for submitting information from 30 to 15 days. This shorter timeframe applies to, inter alia, data regarding corporate offices, key functions, shareholders, shareholders’ agreements, and qualifying holdings.
This intervention seeks to align national rules with the European Guidelines issued by the European Supervisory Authorities (ESAs) on the use of the European Information System (EIS). This centralized platform facilitates the exchange of information between national authorities concerning the fit and proper requirements of qualifying shareholders, board members, and key function holders.
A key feature of the proposal concerns information subject to prior IVASS authorization: such data must now be uploaded within the new 15-day deadline but will remain in a “pending” status until the Authority issues its decision. This allows IVASS to access the data immediately and transmit it to the European platform without waiting for the formal conclusion of the authorization process.
In contrast, the 30-day deadline remains unchanged for information relating to the outsourcing of key functions and/or essential or important activities.
Consequently, foreign companies and insurance groups operating in Italy should review the efficiency and governance of their internal reporting lines regarding appointments, qualifying holdings, and key functions.
IVASS anticipates that the revision will not impose substantial additional operational burdens, as it primarily involves advancing the reporting timelines already established by the RIGA Regulation.