The prudential framework established under Solvency II is based on an integrated system of capital requirements, governance rules, risk management requirements and disclosure obligations to supervisory authorities and the market.
In response to developments in the insurance market, the European institutions adopted Directive (EU) 2025/2, amending Directive 2009/138/EC. The revision of the Solvency II framework addresses, among other areas, proportionality, supervision, disclosure requirements, long-term guarantee measures, macroprudential tools and the management of sustainability risks.
The transposition of the Directive into Italian law is provided for by Law No. 91 of 13 June 2025.
Pursuant to the legislative delegation, the Italian Government has submitted to Parliament a draft legislative decree amending the Private Insurance Code to align the domestic framework with the revised EU regime.
The reform is intended, in particular, to strengthen the principle of proportionality, promote long-term investment and make the prudential framework more risk-sensitive. The proposed measures include revisions to the Solvency Capital Requirement (SCR), the long-term guarantee measures and the tools designed to mitigate the effects of financial market volatility.
The draft legislative decree is currently under consideration by Parliament. The Directive must be transposed by 29 January 2027, while the new provisions will apply from 30 January 2027.