On 6 June 2023, IVASS published Order no. 132/2023 with amendments and additions to Regulation no. 18/2016 which governs the application rules for determining technical provisions.
With this Order , IVASS incorporates the Guidelines formulated by the European Insurance and Occupation Pensions Authority (EIOPA) thereby harmonizing the criteria and methods for forming technical provisions with the member countries of the European Union.
Provision no. 132/2023 amended Regulation 18/2016 in various areas, particularly:
- regarding the determination of contractual limits in order to recognise the insurance obligations and the calculation of technical provisions;
- with regards to introducing rules aimed at strengthening the principle of consistency between the assumptions used in the calculation of technical provisions, and those adopted for the determination of own funds, and the solvency capital requirement;
- in relation to the methods of evaluating the treatment of financial guarantees and contractual options which must take into account the behavior of the contracting parties both on a statistical and on an empirical basis.
The provision entered into force the day following its publication in the Official Gazette of the Italian Republic.