Corporate Governance Code - Guidelines For Compliance Statement

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The Central Bank has published guidelines to assist insurance undertakings and their directors in the preparation of the annual compliance statement required under the Corporate Governance Code for Credit Institutions and Insurance Undertakings (the "Code").

Section 25 of the Code requires insurance undertakings to submit to the Central Bank a statement setting out whether or not the entity has complied with the Code. The first annual compliance statement, which relates to the period from 1 January 2011 to 31 December 2011, must be submitted no later than 30 June 2012.

The guidelines include a template compliance statement which is the minimum amount of information an insurer must include in order to comply with the obligations under section 25 of the Code. In addition, the insurance undertaking is required to provide an overview of the board and sub-committees in the form of tables