The coordination forum of the Bank of Italy, Italian Securities Commission and Italian Insurance Supervisory Authority has issued guidance on the IAS and IFRS accounting treatment of customer receivables arising when insurers prepay stamp duty on life policies classified as financial liabilities. The guidance seeks to resolve application questions and promote consistent accounting across firms. Under Italy’s 2025 Budget Law, insurers must pay stamp duty on life policies annually from 2025 and follow a four-year payment plan for tax accrued before 2025 on policies in force as of Jan. 1, 2025. Insurers may recover these amounts from customers only when policy benefits are paid at maturity or upon surrender. Where relevant, periodic financial reports should adequately disclose the effects of discounting the related customer receivables.
Italian Securities Commission (Consob)2026-01-30
Bank of Italy, Italian Securities Commission and Italian Insurance Supervisory Authority issue accounting guidance on prepaid stamp duty for life policies
The Bank of Italy, Italian Securities Commission and Italian Insurance Supervisory Authority issued IAS and IFRS guidance on customer receivables arising from insurers’ prepayment of stamp duty on life policies. Insurers may recover the tax only when benefits are paid and should disclose material effects from discounting the receivables.