Banca d'Italia-Consob-Ivass Working Group on the application of IAS/IFRS standards: treatment of stamp duty on life insurance policies

Category

Undertakings, Other

Description

The Coordination Working Group between Banca d'Italia, Consob and Ivass has published Document No. 10 (only in Italian) on the application of IAS/IFRS standards, focusing on the accounting treatment of amounts due 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 the Italian 2025 Budget Law, which provides that, from 2025 onwards, insurance firms are required to pay stamp duty annually on life insurance policies. For policies in force as of 1 January 2025, a four-year payment plan is also introduced for the stamp duty accrued in previous years. The Law further specifies that insurance companies may recover the amounts paid from policyholders only at the time the benefit is paid (upon maturity or surrender of the policy).

The Document was prepared within the framework of the accounting agreement between Banca d'Italia, Consob and Ivass, with the aim of providing the necessary clarifications to address 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 in periodic financial reporting on the effects of discounting the amounts due from policyholders.

The full text of the Document is available on the websites

www.bancaditalia.it, www.consob.it e www.ivass.it.

issue date

30 January 2026