On April 17, 2024, IVASS published instructions regarding the electronic transmission of data related to the consolidated annual financial statements and additional information, as established under Articles 26 and 27 of ISVAP Regulation No. 7/2007 (amended by Provision No. 121 of June 7, 2022), providing clear guidance for insurance companies.
The instructions clarify how to transmit the data by describing the models to be used. These models have been provided with the annexes in precedence: “Annex_Instructions_electronic_reg_7_IAS_IFRS.xlsx”, “Annex 2 to the regulation – Schemes of IAS/IFRS insurance balance sheet”, and “Annex 4 to reg. 7/2007 Module 4 – Premium information”. The data for the first reporting period, relating to the year 2023 (financial year January 1, 2023 – December 31, 2023), shall be filed within one month from the approval date of the consolidated financial statements.
The data have to be transmitted through the “Infostat” platform, using the XML format, which provides the necessary form to describe the data in a structured manner. However, specific rules and procedures are envisaged to ensure the protection of sensitive data and the correct completion of the schemes.
The XML file for the reporting consists of 56 schemes and a header section, which includes fundamental information such as the survey name (BICON), the code of the reporting entity, the reference period and other technical specifications.
IVASS emphasizes the importance of carefully following the instructions provided for each individual cell (scheme), respecting the completion rules, and using the allowed domain values.
With the new instructions, IVASS aims at establishing clear and detailed guidelines for the transmission of financial data, ensuring regulatory compliance and the security of sensitive data.