On 30 December 2016, IVASS issued a Clarification on the provisions of Regulation No. 27 of 15 October 2008, as amended by Regulation No. 24 of 6 June 2016 (see our Newsflash n. 8), on the assessement of technical reserves for some specific contracts (“Clarification”).
In particular:
- For index-linked contracts and contracts directly linked to units in UCITS, the technical provisions to be covered have to be calculated by companies according to the provisions of article 41 of the Code of Private Insurance (Legislative Decree No. 209 of 7 September 2005);
- For contracts deriving from the management of pension funds (social security contracts), companies have to value the assets in a way consistent with the technical provisions to be covered.
The Clarification also specifies that for the assets covering the tecnical reserves concerning indirect business, no new register has been introduced by the amending regulation.
The document is available, in Italian language only, here.
