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ARTICLE · 06 JULY 2021

Insurance Recovery Planning Requirements Finalised

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On 27 April 2021, the Central Bank published its feedback statement in respect of Consultation Paper 131 "Regulations for preemptive recovery planning for (re)insurers".

IrelandInsurance
Gráinne Callanan
Gráinne Callanan
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On 27 April 2021, the Central Bank published its feedback statement in respect of Consultation Paper 131 "Regulations for pre-emptive recovery planning for (re)insurers". In the feedback statement, the Central Bank referred to the introduction of specific regulations to address the requirement to establish and maintain pre-emptive recovery plans by insurers - the (Supervision and Enforcement) Act 2013 (Section 48(1)) (Recovery Plan Requirements for Insurers) Regulations 2021 (S.I. Number 184 of 2021) ("Regulations"). These Regulations were enacted on 19 April 2021.

Under Section 4 of the Regulations, (re)insurers must prepare a recovery plan by 31 March 2022, or, where the (re)insurer is newly authorised by the Central Bank on or after the date on which these Regulations come into operation, prepare the recovery plan within 12 months of the date of its authorisation.

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