Italy: Report on the Observance of Standards and Codes
IMF Staff Country Reports, September 27, 2013
Source details
- Canonical URL
- Italy: Report on the Observance of Standards and Codes
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Bibliographic details
- Published: September 27, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484346754.002
Overview
- Report on Observance of Standards and Codes (ROSC) for Italy summarizing findings and recommendations of the fiscal assessment of Italy’s economic policies.
- Emphasis on the interaction between updated Core Principles for banking supervision and their applicability across diverse jurisdictions.
- Notes that the new methodology reinforces the concept of proportionality in expectations on supervisors and in standards imposed on banks.
Key Findings
- Raising the bar for banking supervision requires that the Core Principles remain capable of application to a wide range of jurisdictions.
- The new methodology reinforces the concept of proportionality:
- Proportionality in expectations on supervisors.
- Proportionality in standards supervisors impose on banks.
- Supervisory approach needs differentiation by size and significance of institutions:
- A group-focused supervisory approach is recommended for nationally significant insurers.
- Sophisticated offsite monitoring should be employed for these significant entities.
- Ad hoc inspections are appropriate for smaller entities.
Policy Recommendations
- Apply the Core Principles with an explicit proportionality framework so expectations and standards fit institutional and jurisdictional contexts.
- Adopt a group-focused supervisory approach for nationally significant insurers to capture group-wide risks and governance.
- Implement sophisticated offsite monitoring systems for nationally significant insurers to enable continuous surveillance.
- Use ad hoc inspections for smaller entities where full-scale on-site programs may not be proportionate or cost-effective.
Subjects and Keywords
- Subjects: Banking; Financial institutions; Financial regulation and supervision; Financial sector policy and analysis; Insurance; Insurance companies; Legal support in revenue administration; Operational risk; Revenue administration; Solvency
- Keywords: board of directors; corporate governance; country risk; CR; Global; holding company; Insurance; Insurance companies; ISCR; Legal support in revenue administration; Operational risk; risk management; Solvency
International Monetary Fund. Monetary and Capital Markets Department "Italy: Report on the Observance of Standards and Codes", IMF Staff Country Reports 2013, 301 (2013), accessed 9/10/2026, https://doi.org/10.5089/9781484346754.002
Content in this bundle
- Italy: Report on the Observance of Standards and Codes; IMF Country Report 13/301; September 6, 2013