IVASS has launched a public consultation on a draft amendment to ISVAP Regulation No. 7/2007, aimed at updating the financial statement templates for insurance and reinsurance undertakings reporting under IAS/IFRS. The proposal incorporates recent updates to IFRS 9 and IFRS 7, introduces the impact of the new IFRS 18, and mandates specific disclosures regarding crypto-assets and liabilities, where material. The consultation will remain open until 8 June 2026.
From an operational standpoint, the draft is particularly significant for international insurance groups, foreign insurers operating in Italy, and entities preparing individual or consolidated financial statements in accordance with international accounting standards. IVASS aims to enhance the transparency, comparability, and intelligibility of financial reporting. This will be achieved through a restructuring of the Notes to the Accounts into specific Parts and Sections, alongside the introduction of new disclosure tables—primarily focusing on financial instruments, risk management, derivatives, and performance metrics.
Key points of interest for the market include new reporting obligations for financial instruments with contingent features (including those linked to ESG factors) and alignment with IFRS 18 presentation standards. The latter will notably impact the Statement of Profit or Loss and Management-defined Performance Measures (MPMs). Furthermore, IVASS proposes to simplify certain IFRS 17 disclosures by reducing the number of required tables, thereby streamlining the reporting burden for undertakings.
The new requirements will be phased in: certain provisions will apply to financial statements for the year ending 31 December 2026, with others following on 31 December 2027 and 31 December 2028. For foreign operators active in Italy, this consultation serves as a critical signal: companies should promptly initiate a gap analysis of their accounting processes, reporting systems, and disclosure governance. This will also allow them to evaluate whether to submit feedback on practical implementation and proportionality concerns during the consultation period.