The Italian insurance regulator, ISVAP, has published draft regulations which outline the procedures for insurers to follow when changing their scheme of operations, transferring a portfolio of insurance business or merging/demerging insurance companies.

The procedure given for the transfer of portfolios implements the Third Non-Life Directive and establishes the competence of the Home State authority (in Italy, ISVAP) with regard to reporting the financial status of the transferor. For the first time under Italian law, a detailed list of documents which should be provided in a portfolio transfer has been given. It is specified that ISVAP will require the transferor of any portfolio to send an individual communication to every policyholder of the transferred portfolio.