On 7 February, IVASS published two regulations, as delegated by the Private Insurance Code:
- Regulation no. 34/2017 concerning corporate governance provisions relating to the evaluation of assets and liabilities other than technical reserves and criteria for their evaluation;
- Regulation no. 35 concerning the adjustment for the loss absorbing capacity of technical reserves and deferred taxes in the determination of the Solvency Capital Requirement, calculated using the standard formula.
The Regulations have been issued for the purposes of implementing Solvency II, Directive (EU)2015/35 and the EIOPA guidelines on the assessment of assets and liabilities other than technical reserves and on corporate governance. With reference to the Guidelines, IVASS specifies that the “Explanatory text” contained therein will be taken into account in its supervisory functions even when not expressly transposed in the relevant regulations.
The text of the Regulations can be found at the following links:
