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31 July 2012
On July 6 2012 Law Decree 95 on urgent rules for the review of public expenses was published in the Official Gazette. The decree is expected to be converted into law by the first week of August.
The decree has two main aims:
In regard to insurance, this will be achieved by merging ISVAP, the insurance regulator, and COVIP, a regulatory committee that oversees pension funds, into IVARP, the new regulatory body for the insurance and social security private sector.
Pursuant to Article 13 of the decree, the functions of the two authorities should be unified in IVARP, which should operate in synergy with the structures of the Banca d'Italia, in order to ensure integrated regulation of the financial, insurance and social security saving sectors by linking them to banking regulation.
IVARP will became operational within 120 days of the entry in force of the decree, and should result in cost savings equal to 10% of the functioning costs of the two abolished authorities.
For further information on this topic please contact David Marino or Mauro Carretta at DLA Piper Italy by telephone (+39 02 80 61 81), fax (+39 02 80 61 82 01) or email (firstname.lastname@example.org or email@example.com).
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