Harmonizing Insurance Supervision in Europe: The Italian Experience in a Comparative Perspective

The present study focuses on the implementation of the harmonized regime of insurance market supervision proposed by the so-called Solvency II directive, that is, the Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Re-Insurance. To fully understand the promises and challenges brought by the new legal framework of insurance supervision, the paper sheds light on the role played by the European Union role in crafting insurance regulation, and explores structure and functions of the entities which, at the European and at the national level, are nowadays charged with the task of supervising insurance companies’ compliance with EU rules. In light of the scrutiny of EU and national supervising authorities, some conclusions will be drawn about the strengths and weaknesses of the new supervisory regime, and its potential in the current framework of prudential insurance.