Following conclusion of its recent consultation process, the
Central Bank has published a Guidance Note and Checklist, Policy
Notice, Addendum to the Domestic Actuarial Regime and Handbook on
the Authorisation and Supervision of Branches of Third-Country
Insurers. The Central Bank expects that authorised third-country
branches will, as a condition of their authorisation, comply with
the terms of the Central Bank’s Handbook and Domestic
Actuarial Regime and related governance requirements under Solvency
II.
The Central Bank also expects that third-country branches will
comply with: applicable EIOPA Guidelines; all relevant financial
services legislation; and the Central Bank’s fitness and
probity standards and conduct of business rules. All
third-country branches will be supervised under the Central
Bank’s PRISM Framework and third-country branches authorised
to carry on non-life insurance business will be required to
contribute to the Insurance Compensation Fund.
