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ARTICLE · 15 FEBRUARY 2017

Insurance Regulatory Update, January 2017

Arthur Cox
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This is the January edition of the Arthur Cox Insurance Regulatory Update, the monthly bulletin of the Arthur Cox Insurance Group focused on recent developments in insurance regulation, law and practice.

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Arthur Cox
Arthur Cox
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IN DOMESTIC NEWS...

THE CENTRAL BANK PUBLISHED GUIDANCE ON THE ANNUAL PCF CONFIRMATION RETURN WITH INSTRUCTIONS

On 30 January, the Central Bank published guidance and instructions on completion of the annual Pre-approval Controlled Functions (PCF) confirmation return.

The Central Bank has introduced an Annual PCF confirmation return as part of the continuing obligations in relation to fitness and probity. This annual confirmation is required from each regulated financial services provider in respect of each active PCF holder within the firm/funds, confirming that the PCF holder is compliant with the fitness and probity standards.

The requirement for the Board to confirm to the Central Bank of Ireland upon re-election/re-appointment of a PCF holder that his/her circumstances have not changed since pre-approval was granted will be satisfied by the completion of the PCF confirmation return.

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