International non-EU Legislation

The unified set of supervisory rules and techniques is kept constantly updated with a view to promoting the development of the insurance sector on a worldwide level, ensuring financial stability, improving the functioning of markets, reducing systemic risk and favouring the exchange of information and international cooperation between supervisory authorities.

In the international context IVASS is a member of the International Association of Insurance Supervisors (IAIS). Since 1994 the Association has brought together insurance supervisors from more than 200 jurisdictions in nearly 140 countries, accounting for 97% of world insurance production.

The mission of the IAIS is:

• to promote effective and globally consistent supervision in order to ensure the sound and prudent management of the insurance markets as homogeneously as possible and guarantee stability and protection of policyholders
• to contribute to global financial stability.

The IAIS issues, among other things, Insurance Core Principles (ICP), Common Framework, Guidance Papers and Issues Papers.

Other bodies working in this field are the Financial Stability Board (FSB),he G20 and the OECD, to which IVASS provides contributions on the Italian insurance market.

In the field of accounting the IAS (International Accounting Standards), called since 2001 IFRS (International Financial Reporting Standards), are issued by the IASB (International Accounting Standards Board), a private and independent body, based in London and made up of 14 members, appointed and supervised by the Trustees of the IFRS Foundation. The IASB is supported in its activity by the IFRS Adivsory Council (former Standards Advisory Council) and by the IFRS Interpretations Committee (former IFRIC); the latter, in particular, works out and issues the interpretations of the IAS.

The other body of recognised international accounting standards consists of the US GAAP (Generally Accepted Accounting Principles) issued by the FASB (US Financial Accounting Standard Board).The main difference between the two corpora is that the IAS/IFRS are based on principles while the US GAAP are based on detailed rules.