La governance delle imprese di assicurazione dopo la revisione di Solvibilità II: prime riflessioni sul principio di proporzionalità

The reform of the Solvency II Directive, implemented through Directive (EU) 2025/2, strengthens the principle of proportionality in the governance of insurance undertakings, giving it concrete effectiveness. This paper analyzes the new developments introduced at the European level and their impact on the Italian legal framework, with particular reference to the future revision of IVASS Regulation No. 38/2018. After examining past implementation challenges, the study explores the evolution toward a more flexible and contextual supervisory approach, the role of EIOPA, and the stance adopted by IVASS through recent regulatory interventions. From this perspective, the paper outlines possible future directions for implementation in Italy, with a focus on expected developments in both legislative and practical terms.