Part 2: CPC Review – Potential Changes And Challenges Facing Insurance Firms

On 7 March 2024, the Central Bank of Ireland (Central Bank) published its consultation paper (CP 158) on the revised draft Consumer Protection Code (Revised Code) and connected areas.

Given the cross-sectoral nature of much of the Revised Code, readers are addressed to William Fry's broader overview of the regime changes prepared by our Financial Regulation Unit here.

In Part 1 of our article, we dealt with some themes affecting the insurance industry. In this Part 2, we elaborate in more detail on areas for importance for (re)insurers and intermediaries.

Insurance and Reinsurance

For those in the insurance sector, there is extensive reading on getting on top of the new regime. This will include regard to the cross-sectoral dimensions that must be complied with by all financial services firms as well as the specific pieces under the Revised Code, including the Business Standards, applicable to insurers (and, in some cases, reinsurers) and intermediaries.