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On 1 March 2023, the Italian Insurance Supervisory Authority (“IVASS”) published a letter to the market on supervisory surveys and the timing and operating methods for disclosure (the “Letter”).

The Letter is addressed to: 

  • (re)insurance companies having legal seat in Italy; 
  • (re)insurance companies having legal seat in a foreign country and operating in Italy under the right of establishment regime; 
  • (re)insurance companies having legal seat in a EEA country and operating in Italy under the right of establishment or freedom to provide services regime;
  • the last Italian parent companies. 

In the Letter, IVASS summarizes all the surveys and methods of transmission of the information to IVASS that need to be transmitted in 2023 (or with reference to 2023 data) via the Infostat platform.

1. Solvency II reporting and information for the Financial Stability 

With reference to year 2023, table 1 attached to the Letter shows the surveys to make, the subjects required to make them and the timing for the transmission of data.

As to the content, the credentials, the methods of transmission and the textual information (DOCS2 and DOCG2 surveys) of Solvency II reporting, IVASS underlies that there are no significant changes compared to last year. Clarifications can be found at: https://www.eiopa.europa.eu/tools-and-data/supervisory-reportingdpm-and-xbrl_en

For application dates on versions 2.7.0 and 2.8.0 of taxonomy, EIOPA’s calendar should be consulted at the following link: https://www.eiopa.europa.eu/sites/default/files/publications/other_documents/eiopa_taxonomy_roadmap.xls

2. National collection of data and statistical surveys 

Table 2 attached to the Letter shows the Infostat surveys for the collection of information required by national legislation, the subjects required to make such surveys and the deadlines for the communication of data. The instructions for the transmission can be found at: https://www.ivass.it/operatori/imprese/raccoltadati/index.html, in the “Instructions for filing reports” section. 

3. Recently activated or soon to be activated surveys 

3.1 Survey on risks from natural disasters and sustainability 

The survey on risks from natural disasters and sustainability (ESG),launched by IVASS with letter to the market dated 27 July 2022, is confirmed for year 2023 and consists of two surveys: 

  • a quantitative one (called ESG) on the investment area and the technical area, whose data should refer to 31 December 2022;
  • a qualitative one (called ESGQS) whose information refers to the latest available date.

The instructions and the updates referring to such surveys will be available on IVASS website by 31 May 2023. The requested information will be sent by the date shown in table 2 of the annex attached to the Letter. 

The survey applies to the insurance companies required to send Solvency II reports. 

3.2 Survey on complaints 

The survey on complaints received by insurance companies has started, with regard to the first half of 2022, with letters to the market dated 28 February and 21 June 2022. 

The reporting consists of two surveys: 

  • one for quantitative data (called REI); and
  • one for the Report and Evaluations documentary part (called REIDC).

For year 2023, the collection of data relating to 2022 and 2023 is still based on the abovementioned letters to the market by the date indicated in table 2 of the annex attached to the Letter. 

The survey applies to all insurance companies having their legal seat in Italy (Section I), those having a branch in Italy and legal seat in a foreign country (Section II), and to EU insurance companies (operating in Italy under the right of establishment or freedom to provide services regimes) that receive at least 20 complaints.

 3.3 AML survey – life and non-life premiums for each intermediary 

With letter to the market dated 29 November 2022, IVASS announced the introduction of the new procedure for requesting information on the insurance business carried out in Italy in the life business in order to assess the risks of money laundering and terrorist financing as per IVASS Regulation no. 44/2019, and on the insurance business carried out in Italy in relation to the collection of premiums in the non-life classes as per IVASS Regulation no. 50/2022.

The collection and control of both reports will take place through the Infostat platform (AML survey), and it will completely replace the system currently in use and it will apply to all the communications to be transmitted annually to IVASS, starting from the report referring to the 2022 data, to be sent by 30 June 2023. The instructions on the new reporting format and the collection system will be published by March 2023 on IVASS’ website. 

The survey applies to all insurance companies operating in the Italian market. 

3.4 Survey on medical professional liability 

IVASS confirmed for 2023 (with reference to 2022 data) the survey on medical professional liability via the Infostat platform (RMAG survey) for all insurance companies carrying out medical professional liability business in Italy. 

3.5 IFRS 17 Consolidated financial statements 

Following IVASS Order no. 121/2022 (which modifies IVASS Regulation no. 7/2007), the collection of data relating to the half-year consolidated report (for the data referring from 30 June 2023) will occur via the new Infostat survey SECON. The instructions will be communicated by IVASS. 

The data collection of the annual consolidated financial statements (BILCO survey) remains unchanged. 

The survey applies to supervised insurance groups. 

4 Quality checks and questions 

IVASS recommends all insurance companies to carry out all the required checks during the preparation of the surveys, included those referring to EIOPA’s taxonomy, and to follow all the criteria as per IVASS letter to the market dated 15 December 2020.

As to BILIN, REI, ESG surveys, the diagnostic function has been activated and IVASS invites all insurance companies to use such function in order to reduce all correction management activities and to simplify the procedures for the archiving of flows. 

The Infostat platform should be used for all surveys. 

All corrections should be sent to [email protected] and all questions to [email protected]

The Letter is available, only in Italian, at the following link: https://www.ivass.it/normativa/nazionale/secondaria-ivass/lettere/2023/lm-01- 03/index.html?com.dotmarketing.htmlpage.language=3

Please be also aware that on 1 March 2023, IVASS published the updated version of the G20/OECD Principles on Financial Consumer Protection.

The OECD/G20 Task Force for the Protection of Consumers of Financial Products has issued a new version of the High-Level Principles on Financial Consumer Protection, a soft law that establishes the fundamental requirements that national legal systems should comply with in order to effectively protect consumers of financial products and services.

The principles lay down the foundations for an overall regulation on consumer protection, and they affect all the relevant aspects: from the regulatory framework to the supervisory tools for intermediaries, from transparency to the protection of consumer assets from fraud or scams, as well as the protection of consumer’s privacy and the management and resolution of potential complaints.

The G20/OECD Principles on Financial Consumer Protection is available, only in Italian, at the following link: https://www.bancaditalia.it/compiti/tutela-educazione/avvisi-comunicazioni/2023.02.20/index.html

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