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ARTICLE · 15 JANUARY 2025

CBI Insurance newsletter December 2024

The Central Bank of Ireland (CBI) recently published its insurance newsletter for December 2024, setting out its supervisory priorities...

IrelandInsurance

The Central Bank of Ireland (CBI) recently published its insurance newsletter for December 2024, setting out its supervisory priorities for the sector in 2025 and highlighting the revised outsourcing notification guidance for (re)insurers (amongst other items).

On the supervisory priorities for 2025, the CBI stated that, as part of the overall revisions to its supervisory framework, the (re)insurance sector will be supervised on an integrated basis from within a single insurance directorate from 2025. The aim is to ensure that firms will hear one consistent voice from the CBI, with coordinated messages and streamlined demands, in relation to all supervisory matters (i.e. prudential, conduct or financial crime related). As part of these changes, Seána Cunningham has been appointed as the new Director of Insurance. Her previous role in the CBI was Director of Enforcement and Anti-Money Laundering.

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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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