As part of the recently launched integration process of bank and insurance supervision, on February 14 2013 IVASS, the insurance regulator, issued new guidelines for the supervisory inspection process in accordance with its responsibilities (ie, promoting the sound and prudent management of insurance and reinsurance companies, as well as ensuring transparency and fairness of conduct).
The new guidelines will apply to inspections at:
- insurance and reinsurance companies;
- entities that carry out functions partially included in the operating cycle of such companies; and
- entities over which IVASS exercises the power of supervisory inspection under Articles 86 and 214 of Decree-Law 209/2005.
The principles underlying the new guidelines include a focus both on risks, proportionality and objectivity of interventions (at the planning stage and during the inspections), and on effectiveness and flexibility of action.