IMF Staff Country Reports

Italy: Detailed Assessment of IAIS Insurance core Principles

December 6, 2013

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Italy: Detailed Assessment of IAIS Insurance core Principles, (USA: International Monetary Fund, 2013) accessed November 23, 2024

Summary

This paper discusses the findings of Detailed Assessment of International Association of Insurance Supervisors (IAIS) insurance core principles on Italy. Regulation and supervision of the insurance industry in Italy is the responsibility of the newly established Institution for the Supervision of Insurance (IVASS). IVASS has reached international best practice in several areas of supervision. IVASS actively exercises group supervision and by 2000, IVASS established the first college of supervisors. Intragroup transactions and related party participations limits are strictly monitored and enforced. IVASS handling of the licensing of undertakings is complete and comprehensive and ensures appropriate considerations pursuant to regulations. Enhanced supervision in some areas is required.

Subject: Corporate governance, Economic sectors, Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Internal controls, Revenue administration, Solvency

Keywords: Board of directors, Business plan, Corporate governance, CR, Global, Insurance, Insurance Code, Insurance companies, Internal controls, ISCR, IVASS supervision, IVASS website, Parent company, Risk management, Solvency

Publication Details

  • Pages:

    142

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2013/352

  • Stock No:

    1ITAEA2013011

  • ISBN:

    9781475529579

  • ISSN:

    1934-7685

Notes

These documents have been produced in the context of the recent Italy FSAP as background documents to the Financial System Stability Assessment (FSSA) report that was discussed by the Executive Board on September 20, 2013 and published shortly thereafter (the FSSA is available here).

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