Insurers to boost access to financing in Italy
On 24 June 2014, Governmental Decree no. 91/2014 (the so-called ‘Competitiveness Decree’) was published in the Italian Official Gazette. The decree, which aims to foster the growth of Italian companies through the possibility of making recourse to new sources of financing, introduces a new category of assets for covering the technical reserves of life and non-life business classes of insurance companies, which can now also include the facilities disbursed to entities other than individuals and micro-companies.
The measure shall become effective only once specific rules outlining the conditions and limits for recourse to such type of investment are issued by the Italian Insurance Supervisory Authority (IVASS).
The opening of the corporate lending market to the contribution of insurance companies that results from the measure does not imply that the traditional separation between the insurance business and the banking business has been overcome…
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