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ARTICLE · 14 MAY 2018

Insurance Regulatory Update, April 2018

This is the new April edition of the Arthur Cox Insurance Regulatory Update, the monthly bulletin of the Arthur Cox Insurance Group focused on recent developments in insurance regulation, law and practice.

IrelandInsurance

KEY STORIES IN DOMESTIC NEWS

CENTRAL BANK PUBLISHES GUIDANCE ON THE APPROVAL AND SUPERVISION OF SPVs UNDER SOLVENCY II

This guidance, published on 17 April, clarifies that special purpose vehicles (SPVs) (as defined in the European Union (Insurance and Reinsurance) Regulations 2015) proposing to (i) assume risks from a (re)insurer through reinsurance contracts or (ii) assume insurance risks through similar arrangements are required to seek prior authorisation from the Central Bank

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CENTRAL BANK PUBLISHES FEEDBACK ON THEMED INSPECTION OF SOLVENCY II REGULATORY REPORTING

On 16 April, the Insurance Directorate issued a Dear CEO letter outlining the results of its themed inspection of Solvency II regulatory reporting. While many firms are still embedding their regulatory reporting processes and controls, the level of resubmissions remains unacceptably high.

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