With provision No. 107/2021, IVASS amended the definition of “portfolio” provided by article 2, paragraph 1, letter f) of ISVAP Regulation No. 14/2008 (by deleting the words: “the portfolio may not be composed of claims only“), in order to remove the specific prohibition to transfer portfolios of claims only, which was expressly excluded in its original wording.

As part of its analysis of the impact of this measure, IVASS noted, in particular, that this amendment (aimed at permitting the transfer of portfolios of claims only) is justified by the change in the economic-financial conditions that characterise the market, which requires a higher degree of flexibility. Furthermore, the Authority observed that this exclusion within the Italian regulatory framework “could be detrimental to companies operating in Italy, in terms of competitiveness, since this type of portfolio transfer and run-off management are permitted in other European countries“.

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