On March 5, IVASS issued Provision no. 142/2024 amending the Regulations no. 29/2016 and no. 38/2018.
The Provision updates the criteria and eligibility requirements for officers and directors of insurance and re-insurance companies as well as the procedure that undertakings shall follow to assess the requirements of officers and directors.
Article 1 of the Provision introduced a new chapter II-bis to Regulation no. 29/2016 concerning the «Procedures for assessing the suitability of company representatives and internal audit, risk management and compliance verification officers».
Articles 2 of the Provision introduced chapter V-bis to Regulation no. 38/2018 regarding the «Procedures for assessing the suitability of company representatives and holders of key functions».
With two Annexes, Provision no. 142/2024 supplied questionnaires that companies have to fill out and submit to IVASS, providing information on company representatives to assess their suitability for the positions held.