The general manager of the Bank of Italy, Fabrizio Saccomanni, will be the new sheriff of policies and supplementary pensions. It is the effect of the suppression of Isvap and Covip established by the decree on the spending review and of the transfer to Via Nazionale of supervisory powers over insurance and pensions.
From an operational point of view, the functions will be exercised by a new institute, Ivarp, where Isvap and Covip will be merged, but from a substantial point of view, the supervision guide will be entirely in the hands of the Bank of Italy which will exercise it through an agile board headed by Saccomanni and two directors appointed by the Bank of Italy. In this way, the aim is to integrate the supervisory functions also on insurance companies and pension funds into Via Nazionale according to criteria such as the seriousness and effectiveness of the central bank.
Saccomanni's appointment will validate the hypothesis, advocated by Governor Visco, that the general manager will stay on the Via Nazionale even beyond the expiry of his mandate as general manager in October, when he will turn 65 years of age.
