OCTOBER 2017 – THIS MONTH'S NEWS
CENTRAL BANK'S ANNUAL INSURANCE BRIEFING
On 24 October, the Central Bank held its annual insurance
briefing event. The topics discussed at the event focused on
Brexit, Solvency II annual reporting, the challenges that
technology poses for the
consistent supervision across the single market. She also
addressed the need for UK insurers to consider the implications on
their business model of a loss of their passporting rights in the
wake of Brexit. According to Ms. Cronin, the Insurance Directorate
of the Central Bank has scaled up its authorisation unit and is
prepared to deal with an increase in the volume of applications for
insurance authorisation arising from the Britain's exit from
the EU. In terms of the substance, the Central Bank expects to see
evidence of strong local governance supported by a sound risk
management framework. The Central Bank must be satisfied that the
outsourcing of critical functions such as underwriting,
