Ireland: draft code for captive insurance and captive reinsurance undertakings

The Central Bank has published for consultation a draft Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings: see here (pdf). The Code sets out minimum requirements for such undertakings, non compliance with which is subject to the sanctions at the disposal of the Central Bank. So-called 'captives' include, for the purposes of the Code, those falling within the definition provided by Article 13(2) of the Solvency II Directive (2009/138/EC).