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The establishment of IVASS

As of 1 January 2013 the new Insurance Supervisory Authority (IVASS) assumes all the powers, functions and competencies of the former authority ISVAP.

Established under Law 135/2012 ratifying, with amendments, Decree Law 95/2012, IVASS is charged with ensuring the stability of the Italian insurance market and the protection of consumers.

In order to guarantee the full integration of supervisory activity in the financial and insurance sectors, including through closer coordination with banking supervision, the bodies of IVASS established under law are: the President, in the person of the Director General of the Bank of Italy, the Board of Directors, and the joint Governing Board comprising the members of the Directorate of the Bank of Italy and the Directors of IVASS. The President shall promote and coordinate the activity of the Board of Directors, which is responsible for the general administration of the authority. The full Governing Body shall deliberate on policy and strategy.