IVASS published Regulation No. 42, which sets out provisions on the external audit of the Solvency and Financial Condition Report (SFCR). SFCR addresses public disclosure of the equity and financial situation envisaged by the Solvency II prudential regime. The regulation enters into force the day after its publication in the Official Gazette of the Italian Republic.
The new regulation is aimed at increasing the quality and reliability of the information provided to the public by the supervised companies. The regulation reviews the balance sheet, own funds, and capital requirements for solvency separately, regardless of the calculation method used for their quantification (standard formula or internal model).
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Effective Date: Official Gazette + 1 Day
Keywords: Europe, Italy, Insurance, Solvency II, SFCR, Disclosures, IVASS
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