Prudential Supervision Directorate

It carries out supervision for stability purposes over the management and operation of insurance and reinsurance undertakings. In this regard it oversees the prudential review and assessment process, analyses risks and the relevant management systems, validates the internal models for risk measurement used for calculating capital requirements.
It carries out supplementary supervision of financial conglomerates and the supervisory review process of insurance groups.

Head of Directorate: Roberto Roberti
(appointed by resolution no. 64/2013 of 5 June 2013)

Deputy Head of Directorate: Roberto Falso
(appointed by resolution no. 22/2019 of 22 March 2019)

Number of staff: 69

Last update

20 November 2020

Risk Analysis Division

It provides support to the Insurance Groups Divisions on the quantification and management of technical, financial, credit and operational risks of insurance undertakings and groups.
Within this sphere it performs: assessments on the adequacy of the methodologies for the calculation of capital requirements by using the Standard Formula, USP/GSP and Internal Models; the monitoring, benchmarking and backtesting of approved internal models; analyses and evaluations of model changes and follow-up of remedial plans; analyses of the ORSA report; analyses linked to the valuation of technical provisions using standardised methodologies.
It follows the development of methodologies of prudential control and oversees the alignment of the procedures of financial analysis and the criteria for assessing risks.
It is in charge of the proceedings relating to the opinion for the Ministry of Economy and Finance regarding the existence of the conditions for granting the State guarantee in favour of SACE.

  1. Sergio Sabbatucci Head (appointed by resolution No. 21/2017 of 1st March 2017)

Insurance Groups Division I

The Division supervises over groups and the companies assigned to it, and is responsible for the prudential review and assessment process.
More specifically it supervises over activities regarding the standard formula, USP/GSP and internal models, RSR, SFCR and ORSA report; adequacy of risk management processes and internal control mechanisms adopted by undertakings. In this area it assesses, among other things, shareholdings and participations, financial statements, technical and financial management, intra-group operations, investments, resolutions of corporate bodies, the communications of supervisors and the internal systems for the reporting of breaches (Whistleblowing).
The Division also follows the procedures envisaged for extraordinary operations such as mergers, divisions, transfers of portfolios, authorisations to pursue insurance and reinsurance business for companies intending to start their activity on the Italian territory and for Italian undertakings intending to pursue business abroad; it also fulfils the duties and requirements regarding the reorganisation measures and the preliminary investigations of cases which can result in the application of pecuniary administrative sanctions.

  1. Raffaele Larobina Head (appointed by resolution No. 21/2017 of 1st March 2017)
  2. Francesca Buzzichelli Deputy Head (appointed by resolution no. 53/2020 of 3 June 2020)

Insurance Groups Division II

The Division supervises over groups and the companies assigned to it, and is responsible for the prudential review and assessment process.
More specifically it supervises over activities regarding the standard formula, USP/GSP and internal models, RSR, SFCR and ORSA report; adequacy of risk management processes and internal control mechanisms adopted by undertakings. In this area it assesses, among other things, shareholdings and participations, financial statements, technical and financial management, intra-group operations, investments, resolutions of corporate bodies, the communications of supervisors and the internal systems for the reporting of breaches (Whistleblowing).

The Division also follows the procedures envisaged for extraordinary operations such as mergers, divisions, transfers of portfolios, authorisations to pursue insurance and reinsurance business for companies intending to start their activity on the Italian territory and for Italian undertakings intending to pursue business abroad; it also fulfils the duties and requirements regarding the reorganisation measures and the preliminary investigations of cases which can result in the application of pecuniary administrative sanctions.

  1. Antonietta Bozzano Head (appointed by resolution no. 100/2019 of 12 December 2019)

Insurance Groups Division III

The Division supervises over groups and the companies assigned to it, and is responsible for the prudential review and assessment process.

More specifically it supervises over activities regarding the standard formula, USP/GSP and internal models, RSR, SFCR and ORSA report; adequacy of risk management processes and internal control mechanisms adopted by undertakings. In this area it assesses, among other things, shareholdings and participations, financial statements, technical and financial management, intra-group operations, investments, resolutions of corporate bodies, the communications of supervisors and the internal systems for the reporting of breaches (Whistleblowing).

The Division also follows the procedures envisaged for extraordinary operations such as mergers, divisions, transfers of portfolios, authorisations to pursue insurance and reinsurance business for companies intending to start their activity on the Italian territory and for Italian undertakings intending to pursue business abroad; it also fulfils the duties and requirements regarding the reorganisation measures and the preliminary investigations of cases which can result in the application of pecuniary administrative sanctions.

  1. Maria Di Francesco Head (appointed by resolution no. 100/2019 of 12 December 2019)