On 5 August 2021 the Central Bank of Ireland (the "Central Bank") published a consultation paper seeking views on proposed Guidance on the Use of Service Companies for Staffing Purposes in the Insurance Sector (the "Guidance"). Such arrangements include the use of separate legal entities known as service companies for the provision of staffing or hybrid arrangements, which involve a combination of the provision of staff and other outsourced activities.
The Central Bank is introducing this Guidance as, in its view, these types of staffing arrangements used by the (re)insurance industry, have potential, if not effectively managed, to threaten the operational resilience of (re)insurers.
In this insight Matheson considers the proposed Guidance and next steps required by impacted firms
Read the full document here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
