Central Bank Publishes Updated New Authorisation Checklist For (Re)insurance Undertakings

The Central Bank of Ireland (Central Bank) has consolidated its five checklists for the authorisation of new (re)insurers (life insurance, non-life insurance, reinsurance, captive non-life insurance and captive non-life reinsurance undertakings) into one document. The streamlined checklist will increase the efficiency of the authorisation process.

The Central Bank has also published updated guidance on completing and submitting new authorisation applications. In an encouraging development, the checklist states that the Central Bank will try to accommodate timing considerations of applicants when considering applications. This important new feature of the authorisation application evidences the Central Bank taking recent industry feedback into account and their willingness to align with the needs of the applicant in terms of launch date.