Italy

This paper discusses a Detailed Assessment of the Observance of the Insurance Core Principles for Italy. The assessment reveals that insurance supervision in Italy occurs within a legal framework that incorporates the relevant European Union Directives. More than two-thirds of the principles have been assessed as being observed or largely observed. Furthermore, the authorities in Italy are actively pursuing a number of legislative and supervisory initiatives that hold the potential to materially improve the level of observance in the near future.Financial Sector Assessment Program;Insurance supervision;life insurance, risk management, internal controls, supervisory authority, reinsurance, policyholders, motor insurance, supervisory authorities, non-life insurance, internal audit, insurance companies, risk profile, accounting standards, insurance supervisors, liability insurance, insurance contracts, insurance intermediaries, financial reporting, insurance claims, insurance fraud, legal framework, money laundering, exchange information, audit function, reporting requirements, insurance products, external auditing, insurance business, international standards, law enforcement, supervisory approach, supervisory process, licensing process, consumer protection, foreign branches, supervisory responsibilities, professional liability, life insurance companies, domestic law, pension funds, legal entity, insurance law, supervisory reporting requirements, risk assessment, suspicious transactions, risk profiles, prudential supervision, international accounting standards, internal procedures, risk assessments, financial sector supervisors, professional liability insurance, adequate powers, annual accounts, assessment process, due diligence, assessment criteria, law enforcement authorities, risk management practices, good faith, ethical standards, insurance industry, insurance policies, life insurers, beneficiaries, enforcement authorities, internal programs, life insurance policies, underwriting, false information, social security, securities firms, unusual transactions, securities sectors, accounting rules, solvency requirements, confidentiality requirements, specific reinsurance, risk transfer, private insurance, internal control systems, market participants, market infrastructure, terrorist financing, actuarial science, insurance premiums, insurance markets, financial sector supervision, risk customers, credit risk, share information, transaction records, insurance contract, applications, law enforcement officials, risk taking, risk mitigation, workers ? compensation, insider trading, assessing compliance, insurance agents, criminal activities, life insurance business, annual financial statements, ensuring compliance, control structure, compliance function, internal audits