ITALY Law and Practice Contributed by: Giovanna Aucone and Debora Gobbo, FIVERS Studio Legale e Tributario
With regard to Solvency II, published on 8 January 2025 as Directive (EU) 2025/2, amending Directive 2009/138/EC (“Solvency II”), it introduces a revised framework aimed at enhancing proportionality, strengthening the quality and effectiveness of super- vision, and updating disclosure requirements, as well as revising the regime for long-term guarantee measures, macro-prudential tools, sustainability and climate-related risks, and cross-border and group supervision. Italy, as well as other member states, is required to adopt the necessary legislative, regula- tory and administrative measures to comply with the amended Solvency II framework by the date of appli- cation (29 January 2027).
Regarding insolvency and resolution, the Italian super- visory authority is closely monitoring EU-level devel- opments on Directive (EU) 2025/1113 (the Insurance Recovery and Resolution Directive – IRRD), which establishes a recovery and resolution framework for the insurance sector and will impact crisis-manage- ment arrangements for insurance undertakings. The focus on IRRD is also driven by recent cases of insol- vency involving certain Italian and European insurance undertakings with policyholders in Italy, which have prompted the Italian supervisor to place heightened attention on early-intervention tools, policyholder pro- tection mechanisms and the effectiveness of cross- border supervisory co-operation.
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