In the annual report ofIvass on Monday the president Luigi Federico Signorini represented the need that, with the necessary regulatory interventions, the full integration of the Insurance supervision in the Bank of Italyaccording to a project that has accelerated its progress.
A process that has been underway since the 70s
The topic is an old one. Already in the seventies of the last century, when he was governor Guido Carli, the government of the time proposed the acquisition, by the Bank which had and has the supervision of banks and financial intermediaries (now largely transferred to the ECB), as well as the supervision of insurance. Carli refused, in the belief that the new task would alter the image of the Bank’s institutional profile.
In the following years theIsvap for this supervision, then transformed into Ivass in 2012 with a partial one integration with the Bank of Italy. The transformation, which had also been talked about in previous years, had not been possible because they wanted to avoid a situation of potential conflict of interest as the Bank had a participation in Generali for over 4% (the second in order of amount) which was then disposed of with a decision and an operation judged variously.
As mentioned, the integration was not complete, as the Institute’s distinction remained, but it created a communion of bodies: the president of Ivass is the director general of Bankitalia, while decisions having external relevance are the responsibility of the Board of Directors of the latter integrated by the two members of the Ivass board.
Residual responsibilities of the competent ministry also contributed to this solution, which would then be projected onto the Bank, determining a condition and entanglements that it was decided to avoid.
An opportunity for reform
Now it is good that we move towards full integration, with the incorporation of Ivass. But this raises a much more important question.
Such a process should be the opportunity for reform the system of regulatory, control and guarantee authoritieswith particular reference to those operating in the field of credit and savings which also includes Covip which supervises pension funds. We have been talking about such a reform, without concluding anything, for about twenty years.
It is time to get to work, even more so because of the need for adequate counterweights while planning the introduction of the premiership. The purposes, in a configuration to be re-conceived, should guide such a process that should also take into account the considerations of the president of Consob Paolo Savona on cryptocurrencies and digital euro.
It’s about acting not in bits and pieces, but with an overall organic vision. If a body requests a reform, the government and Parliament which is responsible for proposing and deciding must look at the overall sector and the checks and balances. On the other hand, the connection with the corresponding European authorities cannot be underestimated. There is a lot to do if we really want a reform worthy of the name. (All rights reserved)
MF – Number 125 pages. 18 of 06/26/2024
