Ireland: Code for Captive Insurance and Reinsurance published by Central Bank

Yesterday the Central Bank published its Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings: see here (pdf). The Code sets out minimum standards with regard to the governance of captives, including the composition of the board and the experience and qualifications of the chairman and chief executive. Non compliance with the Code 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).