Italy: Financial Sector Assessment Program-Technical Note on Selected Issues in Insurance Supervision and Regulation

International Monetary Fund

No 2026/239, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents a Technical Note on Insurance Supervision and Regulation for the Italy Financial Sector Assessment Program. Sovereign exposures remain elevated despite a marked shift in insurers’ investment strategies. Several regulatory initiatives are underway at the European and Italian levels, with the most material being the Solvency II review and the implementation of the Insurance Recovery and Resolution Directive. Institute for Insurance Supervision (IVASS) faces significant resource constraints and uncertainty over its integration within the Banca d’Italia, which has stalled at the political level. IVASS delivers high-quality supervision, but targeted improvements are essential to strengthen effectiveness. Prudential and market conduct supervision is robust and aligned with best practices, effectively prioritizing limited resources and applying a comprehensive set of sanctioning powers. Italy has taken steps to protect policyholders, but key gaps remain in its insurance resolution framework. Although the failure of one insurer in 2023, Eurovita, was managed effectively and a Life Guarantee Scheme has been established, Italy still lacks a dedicated resolution regime.

Pages: 80
Date: 2026-09-03
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