OBS_VALUE: The Decree Law n. 95 dissolved Istituto per la Vigilanza sulle Assicurazioni Private e di Interesse Collettivo (ISVAP), the Italian supervisory agency for private insurance and replaced it with Istituto di Vigilanza sulle Assicurazioni (IVASS), a department of the Bank of Italy.From 1 January 2013, IVASS took over all functions carried out by ISVAP including the power of authorisation, direction, inspection, enforcement of precautionary measures and sanctions, as well as through the adoption of any regulation necessary for the sound and prudent management of undertakings or for disclosure and fairness of behaviour by supervised entities. See also Directive 2013/36/UE on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms. 