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17 August 2010
On July 8 2010 ISVAP, Italy's insurance regulator, published Consultation Document 40/2010, including a draft regulation on the guidelines on investments and assets to cover technical provisions.
The draft regulation is ultimately intended to implement Sections 38, 39, 40, 42 and 191 of the Code of Private Insurance with regard to activities permitted as cover for technical provisions. Responses are sought by September 30 2010.
The introduction to the consultation states that the draft regulation largely reproduces the provisions of previously issued laws or ISVAP circulars or measures. However, new elements have been introduced concerning guidelines on investments and qualitative requirements for activities to cover technical provisions.
The draft regulation also introduces specific investment-related governance rules providing for the adoption by the administrative body of a framework resolution that formalises the strategic policy of investments. This measure has been proposed on the basis of recommendations by the International Monetary Fund in February 2006, as well as indications by the Committee of European Insurance and Occupational Pensions Supervisors and the International Association of Insurance Supervisors on investments and internal controls in the financial sector.
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