The general manager of the Bank of Italy, Fabrizio Saccomanni, will be in charge of insurance supervision. Isvap will be transformed into Ivass, which will remain an institution governed by public law, while the strategic lines will be decided in the Integrated Directory, under the leadership of the governor Ignazio Visco.
It was Saccomanni who took stock of the new single insurance supervision in an interview with Corriere Economia: "There is a lot to do in this sector - says Saccomanni - because there is a need for more careful control over the financial stability of the companies insurance and management and governance changes. It is often thought that insurance companies do not run risks or in any case that they run less than banks. This is not the case, as unfortunately recent episodes also show”.
Isvap “will not be absorbed but will be transformed into Ivass, which will remain an institution governed by public law, with independent juridical personality. The law also calls for an organizational reorganization plan that the IVASS board will have to approve ”, he explains.
On Generali's share, “we are also examining and discussing with the Government how to eliminate any risk of conflict. Once IVASS comes into effect, the solution will be found”.
