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

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796