CBI Finalises Guidance On Intra-Group Transactions And Exposures

The Central Bank of Ireland has published the feedback statement and finalised guidance on CP150, the guidance for (re)insurance undertakings on intra-group transactions and exposures (IGTs).

Key messages from the feedback statement are:

• The guidance generally applies to material IGTs, rather than all IGTs.
• The guidance is not intended to amount to further requirements on (re)insurers re IGTs, over and above Solvency II.
• Aim of the guidance is to ensure that (re)insurers treat IGTs the same as similar transactions with third parties - IGTs should not be subject to a lower standard of care, risk management and oversight than equivalent arrangements with non-group entities.