Featured Product

    Central Bank of Ireland on Third-Party Arrangement in Insurance Sector

    November 11, 2019

    Central Bank of Ireland published a discussion paper on how undertakings that enter third-party arrangements adequately identify, assess, and mitigate against all material risks that they introduce. Central Bank of Ireland has observed a practice in the insurance sector whereby a number of insurance and reinsurance undertakings are seeking to enter arrangements for the use of separate legal entities for the provision of extensive staffing to the undertaking. Stakeholders can respond to this discussion paper by January 31, 2020.

    The discussion paper focuses in on issues such as:

    • The appropriateness and adequacy of the initial and ongoing risk identification and management in relation to the arrangement
    • The adequacy of the protections provided for policyholders and other beneficiaries on an ongoing basis and in stress scenarios
    • The substance in the Irish undertaking

    The paper seeks to explore these issues further by posing questions to interested stakeholders on how the boards and senior management of undertakings do or can satisfy themselves that these arrangements are appropriate for their undertakings and provide for adequate and effective governance of same. Also, Central Bank of Ireland intends to find out how undertakings ensure adequate identification and management of all material risks, including risks that would arise in stress scenarios. 

     

    Related Link: Discussion Paper

    Comment Due Date: January 31, 2020

    Keywords: Europe, Ireland, Insurance, Reinsurance, Third-Party Arrangements, Governance, Stress Scenarios, Central Bank of Ireland

    Related Articles
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425