The Corporate Governance Code for Credit Institutions and Insurance Undertakings 2013 (the Existing Code) has been split and renamed to provide separate requirements for (re) insurers and credit institutions. The Corporate Governance Requirements for Insurance Undertakings 2015 (the 2015 Requirements) will take effect on 1 January 2016. In the meantime, (re) insurers will continue to be subject to the requirements of the Existing Code.
The 2015 Requirements impose minimum core standards upon all (re)insurers authorised by the CBI (this includes reinsurers but excludes captives and special purpose reinsurance vehicles) and additional requirements on (re)insurers designated as ‘high impact’ by the CBI. The nature of the requirements applicable to (re)insurers under the 2015 Requirements have not changed from those applicable under the Existing Code. The CBI has indicated that the legal basis and substance of the document is unaffected by the change to the title of the document from a “Code” to “Requirements”.
A link to the 2015 Requirements is here.