On 13 May 2015, the International Monetary Fund (IMF) published a Report on Observance of Standards and Codes for Ireland. The report follows an assessment by the IMF, conducted in December 2014, of Ireland's compliance with the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS). Notable recommendations made by the IMF include a review of the supervisory risk appetite underpinning PRISM and a list of ways in which the statutory independence of the Central Bank of Ireland (CBI) could be enhanced. The report notes that the regulatory regime for insurance supervision has a high level of observance of the ICPs. In addition, the IMF found that the CBI has made significant progress in updating the regime, including by the introduction of the Central Bank (Supervision and Enforcement) Act 2013, and that progress will be further enhanced by the introduction of Solvency II.