In September 2014, IVASS commenced a public consultation regarding a new draft Regulation aimed at updating rules concerning:
- the authorisation procedure to conduct insurance activities and the public register of insurance companies; and
- the provisions regarding ‘interlocking directorates’, by implementing legislative measures which entered into force in 2011.
This will change the documentation that insurers are required to provide to IVASS during the procedure of registration to the public register of insurance companies incorporated in Italy. Insurers will now be required to provide:
- a specific self-certification declaring that each of the companies’ managers, directors and auditors do not hold positions with competitor companies; and
- a company declaration regarding the existence, according to the policy adopted by the administrative body, of eligibility requirements for the position of head of the risk management, compliance and internal audit functions.
Finally, the rules concerning authorisation to conduct insurance activities have been formalised in a draft Regulation which introduces many changes that can improve transparency in the insurance market.