Banca d'Italia-CONSOB-IVASS Working Group on the application of IAS/IFRS accounting standards:

30 January 2026

guidance on the treatment of stamp duty on life insurance policies

The Working Group of Banca d'Italia, CONSOB and IVASS has published Document No. 10 on the application of IAS/IFRS standards, focusing on the accounting treatment of receivables from policyholders arising from the advance payment of stamp duty on life insurance policies classified as financial liabilities.

The Document follows the changes introduced by Italy's 2025 Budget Law, under which insurance firms are required to pay stamp duty annually on life insurance policies, starting from 2025. For policies taken out before 1 January 2025, a four-year payment plan has been introduced for the stamp duty accrued in previous years. The Law specifies that insurance companies may recover the amounts paid from policyholders only at the time the benefit is paid out (i.e. upon maturity or surrender of the policy).

The Document has been prepared as part of the accounting agreement between Banca d'Italia, CONSOB and IVASS to provide clarity on certain application issues and to ensure a consistent approach by market participants.

Lastly, the Document draws attention to the need, where relevant, to provide adequate disclosure on the effects of discounting receivables from policyholders in regular financial reporting.

The full text of the Document is available at www.bancaditalia.it, www.consob.it and www.ivass.it.