On 21 September, the Central Bank published issue 2 of Insurance Quarterly. This edition of the newsletter covers regulatory developments at a European and domestic level since June 2016. The implementation of Solvency II remains a focus for the Central Bank but it also highlights issues such as the post-Brexit landscape, cyber risk exposure and the continuing low interest rate environment.
(Re)insurers are reminded that the Central Bank is hosting an industry briefing event for CEOs and senior executives of insurance undertakings on Wednesday 26 October 2016.
Earlier this year the Central Bank introduced a new supervisory framework for engagement with low impact companies which included the Central Bank carrying out a number of inspections of these firms. The Central Bank's experience to date shows that many of the firms' outsourcing agreements were not fully compliant with Solvency II legislation; risk management policies were not detailed enough to cover the complexity of the undertakings; and many of the identified risks in own risk and solvency assessments were not subjected to a sufficiently wide range of stress tests or scenarios analyses.
A reporting update is also provided on NST Taxonomy, EIOPA Annual Returns; NST Bi-annual Returns; and EIOPA's publication of a hotfix of the Taxonomy 2.1.0.
A link to the newsletter is here.