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ARTICLE · 03 FEBRUARY 2023

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New Guidance Published For (Re)insurance Undertakings On Intra-Group Transactions

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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On 30 January 2023, the Central Bank of Ireland (Central Bank) published its "Guidance for (Re)Insurance Undertakings on Intragroup Transactions & Exposures" (Guidance).

IrelandInsurance
John Larkin
John Larkin
Eoin Caulfield
Eoin Caulfield
Ian Murray
Ian Murray
Mike Frazer
Mike Frazer
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On 30 January 2023, the Central Bank of Ireland (Central Bank) published its "Guidance for (Re)Insurance Undertakings on Intragroup Transactions & Exposures" (Guidance). The Central Bank's stated aim in publishing this guidance is to be "more transparent about its expectations with regard to IGTs of (re)insurance undertakings supervised by the Central Bank and in doing so, to promote a level playing field" (IGTs are defined in the Guidance as "intragroup financial transactions and exposures"). The Central Bank also states: "The Guidance does not introduce any new requirements on (re)insurers in relation to IGTs. Rather, the Central Bank wishes to clarify its expectations on what compliance with the existing Solvency II requirements might look like for (re)insurers."

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