Ireland: Central Bank - new corporate governance 'requirements' published

The Central Bank of Ireland has, in the past few months, published new corporate governance requirements (formerly known as codes) for: captive insurance and captive reinsurance undertakings; insurance undertakings; and credit institutions. The new requirements documents can be found here.

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).

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).