June 22, 2018

Central Bank of Ireland is consulting (CP122) on changes to the Domestic Actuarial Regime and related governance requirements under Solvency II (Domestic Actuarial Regime). The consultation will remain open until September 14, 2018.

Central Bank of Ireland is proposing the following amendments to the Domestic Actuarial Regime:

  • Introducing new requirements for the governance of insurance With-Profits funds
  • Amendments to the format of the Actuarial Opinion on the Technical Provisions (AOTP), as outlined in the Appendix of the Domestic Actuarial Regime

For applying the above-mentioned amendments to the Domestic Actuarial Regime to (re)insurance undertakings, certain sections of the Domestic Actuarial Regime are proposed to be amended, including Section 1 on introduction, Section 3 on sector specific requirements, Section 4 on exemptions from the requirements, and Appendix related to the format of AOTP. The Domestic Actuarial Regime will be updated to include these amendments and those outlined in the “First Addendum to the Domestic Actuarial Regime."

The Domestic Actuarial Regime was introduced by the Central Bank of Ireland on January 01, 2016. This regime introduced specific domestic requirements for the actuarial function and related governance arrangements within (re)insurance undertakings and applies to all (re)insurance undertakings subject to Solvency II. An Addendum to the Domestic Actuarial Regime was issued on May 04, 2018 and it introduced changes related to the third-country branches. 

 

Related Link: CP122

Comment Due Date: September 14, 2018

Keywords: Europe, Ireland, Insurance, Solvency II, Domestic Actuarial Regime, Governance Requirements, AOTP, CP122, Central Bank of Ireland

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