IVASS launches a new consultation on accounting schemes for insurance and reinsurance companies

On February 15, 2022, the Italian Insurance Supervisory Authority (“IVASS”) published consultation document no. 2/2022 (the “Consultation Paper”), amending ISVAP Regulation no. 7/2007 and its Annexes (i.e. the Regulation concerning the accounting schemes of insurance and reinsurance companies required to adopt international accounting standards, hereinafter the “Regulation”).

The Consultation Paper provides provisions relating to the IAS/IFRS financial statements of insurance and reinsurance companies, mainly concerning the implementation of IFRS 17 (Insurance contracts), which will come into effect on January 1, 2023.

The main amendments and modifications to the Rules concern:

  • art. 4: thanks to the new financial statement layouts, prospectuses 2, 4, 4-bis, 5, 5-bis, 7, 7-bis are officially repealed, as well as any reference to IRFS 4;
  • art. seven: some new financial statement layouts are added and some graphs and elements of the balance sheet, income statement, etc. are modified;
  • art. ten: details on the activity of the auditor or the audit company are introduced;
  • art. 11-bis: references to IRFS 4 are removed;
  • art. 13: the information to be transmitted to the IVASS is updated, while paragraph 4 is repealed;
  • art. 20: insurance and reinsurance companies within the meaning of art. 95, s. 1 and 2 of the Private Insurance Code, controlled directly or indirectly by or subject to the management of insurance and reinsurance companies having their registered office in another Member State, which are not required to draw up the consolidated account in under art. 97, paragraph 1 of the Private Insurance Code must also send the Patrimonial Regime together with the half-yearly report to IVASS;
  • art. 24, which provides for the consolidated account, is almost entirely modified and new accounting standards IRFS 17 are added;
  • art. 26: it adds, among other things, to the half-yearly report to be sent to IVASS the balance sheet, it updates the information of the illustrative note, and it also refers to IFRS 17.

All comments and proposals for public consultation should be sent to IVASS by April 16, 2022, to the following email address: [email protected]

The public consultation and related documents are available (only in Italian) at the following link:


In addition, please also note that on February 11, 2022, in the Official Journal of the European Union, Commission Implementing Regulation (EU) 2022/186 (the “Regulation”) laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2021 to 30 March 2022 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on access to the activity of insurance and reinsurance and its exercise II”).

The Regulation, in particular, introduces in Article 1(1) the updated information that companies must use to calculate technical provisions and basic own funds for reporting with reference dates ranging from 31 December 2021 to 30 March 2022, as provided for in article paragraph 2 of the same article 1.

In this paragraph 2 of Article 1, for each relevant currency, the technical information used to calculate the best estimate, the matching adjustment and the correction for volatility in accordance with, respectively, Articles 77, 77c and 77d of Solvency II, are the following :

  1. the term structures of the relevant risk-free rates set out in Appendix I;
  2. the fundamental deviations for the calculation of the equalizing adjustment indicated in Annex II;
  3. for each relevant national insurance market, the volatility corrections set out in Annex III.

According to Article 2, the Regulation is already in force and it applies from 31 December 2021, it is binding in its entirety and directly applicable in all Member States.

The regulations and the aforementioned annexes can be consulted at the following link:


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