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ARTICLE · 12 FEBRUARY 2014

Insurance Regulatory Update, January 2014

Arthur Cox
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Pursuant to its powers under the Central Bank Act 1997, the Central Bank has served notice (the Notice) on (re)insurers requiring them to submit a statement confirming compliance with certain legal obligations arising under the Insurance Acts 1989, the European Communities (Reinsurance) Regulations 2006 and the Corporate Governance Code for Credit Institutions and Insurance Undertakings/ Captive Insurance Undertakings and Captive Reinsurance Undertakings, as applicable.

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Arthur Cox
Arthur Cox
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The Update contains a summary of recent developments in insurance regulation, law and practice. Topics covered include the Central Bank's notice regarding submission of new compliance statements by (re)insurers, the Central Bank's service report on fitness and probity, the publication of the Financial Services Ombudsman levies, an update on the progress of Omnibus II and IMD2, EIOPA's report on standard formula design and calibration, and EIOPA's answers to questions on the Solvency II Guidelines.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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