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ARTICLE · 13 SEPTEMBER 2024

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On 29 August 2024, the Central Bank of Ireland ("Central Bank") issued an industry letter ("Letter") following completion of a targeted consumer protection risk assessment ("CPRA")...

IrelandFinance and Banking
Matheson LLP
Matheson LLP
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1. Central Bank issues Industry Letter: Consumer Protection Risk Management Frameworks in Insurance Firms

On 29 August 2024, the Central Bank of Ireland ("Central Bank") issued an industry letter ("Letter") following completion of a targeted consumer protection risk assessment ("CPRA") of insurance firms' consumer protection risk management frameworks ("Assessment").

The Assessment considered the appropriateness of insurance firms' risk management frameworks with specific regard being had to how the risks posed to consumers are identified, managed and mitigated. The Letter sets out follow up actions that are required to be undertaken by insurance firms and stipulates the dates that such actions are to be carried out by.

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