Secondary legislation issued by IVASS
IVASS takes regulatory measures applicable to insurance operators characterised by a high degree of technicality and detail which is not found in the primary sources.
IVASS' regulatory function includes the adoption of Regulations and General measures which are binding.
In addition IVASS issues recommendations and guidelines (soft regulation) by means of communications, letters to the market and circular letters. It also circulates explanatory documents, of a non-binding nature, aimed to share its expectations on specific issues with supervised entities.
When adopting legal acts IVASS identifies a set of safeguards aimed to achieve a clear, transparent and informed regulatory process
Legal acts follow the principles of:
- transparency in regulatory interventions,
- proportionality, intended as the exercise of adequate power to attain the goal, at the least possible detriment to the interests of recipients,
- active participation of the subjects concerned by the regulatory act, also through public consultation. The Institute specifies the cases of exclusion and omission as well as - for reasons of necessity, urgency or confidentiality - of possible derogation to all or part of the provisions of the regulatory process; it also illustrates the consequences of the regulation on the activity of market operators and other recipients, specifying the reasons underlying the choices made, also through a comparison of the costs and benefits of the options assessed.
16 November 2016