On 27 April 2021, IVASS published Regulation No 47 on recovery and financing provisions pursuant to Title XVI of Legislative Decree No 209 of 7 September 2005 - Private Insurance Code ("CAP"). With this Regulation, the Authority has provided detailed rules on the content of both individual and group recovery and financing plans, in implementation of Article 223-ter of the CAP (which required IVASS to issue rules concerning, in particular, the data and information to be provided in the recovery plan referred to in Article 222 and in the financing plan referred to in Article 222-bis).
IVASS sets forth the rules for the implementation of the safeguards, recovery and winding-up measures envisaged in the CAP, both in terms of content and procedure, for (i) insurance and reinsurance undertakings with registered office in Italy; (ii) insurance undertakings with registered office in a third State with secondary office in Italy; and (iii) the last Italian parent companies [1].
More specifically, the Regulation governs the contents and procedures for drawing and approving the recovery plan and the financing plan, as well as for submitting the relevant reports on the measures taken and the implementation of the plans to the Authority.
The full text of the Regulation and the Report are available on the IVASS website: https://www.ivass.it/normativa/nazionale/secondaria-ivass/regolamenti/2021/n47/index.html
This article is for information purposes only and neither is nor can be considered as a professional opinion on the topics covered. For further information, please contact Michele Zucca, Anthony Perotto and Guido Foglia.
[1] It is made clear that where such companies are themselves controlled either by insurance and reinsurance undertakings, an insurance holding company or a mixed financial holding company established in a Member State, the provisions of Reg. 47/2021 will only apply where IVASS has ordered supervision at the level of a national sub-group national sub-group level.