The introduction of Solvency II has strengthened the stability of the insurance system, but further “regulatory changes in the near future, such as the introduction of specific capital requirements for sovereign risk, could affect this model, causing a crisis" insurance. This is the opinion of the number one of theAnia, Maria Bianca Farina, intervened before the parliamentary commission for simplification as part of the fact-finding investigation on the relationship between users and the world of credit and insurance.
As far as the 'financial activity carried out by the sub-fund (693 billion invested in 2015, with a significant portion destined for government bonds), Farina highlighted a "gradual tendency to seize the opportunities deriving from theexpansion of investment opportunities allowed, such as mini-bonds, debit or credit funds, securitizations, the direct granting of loans to companies".
However, according to Farina, to favor the financing of the economy “it would be appropriate if there were also the introduction of long-term savings plans, financial or insurance instruments assisted by tax concessions conditional on the issuers' commitment to allocate a portion of the investment to companies such as not to excessively raise the risk profile of the products”.
The president of the national association of insurance companies then highlighted the "objective difficulties for operators" deriving from a regulatory framework which "produces an inevitable overlapping roles" in the supervisory activity between IVASS and Consob.
"In this sense - concluded Farina - it would certainly be desirable, also in the context of the revision of Community legislation, a clearer and clearer political choice in relation to the division of responsibilities between the Authorities and in favor of a simplification and rationalization of the obligations required to the insurance sector, in order to favor a clearer approach towards customers".
