Pursuant to its powers under the Central Bank Act 1997, the Central Bank has issued a notice to each Solvency II (re) insurer, published in Iris Oifigiil, requiring it to submit a statement to the Central Bank confirming compliance with the following legislation: the European Union (Insurance and Reinsurance) Regulations 2015; the Insurance Acts (as defined therein) and applicable European Commission Delegated Regulations and Implementing Regulations identified as designated enactments in section 2(2A) of the Central Bank Act 1942.
Solvency II (re)insurers are subject to this requirement from 18 August 2016. In the context of this new compliance statement requirement, the Central Bank has issued a new "Guideline for Solvency II (Re)Insurance Undertakings on Directors' Certifications" (the 2016 Guideline). It has revoked the old "Guideline for Life Insurance Undertakings, Non-Life Insurance Undertakings and Reinsurance Undertakings Compliance Statements" (the 2014 Guideline) in respect of Solvency II (re)insurers, but that 2014 Guideline will still apply to non-Solvency II (re)insurers.
The 2016 Guideline sets out the scope of the guideline, the legal basis for it, the substantive requirements in relation to the compliance statement and the directors' accuracy certifications and, in the appendices, the forms of the compliance statement and the directors' accuracy certifications. The compliance statement must be submitted to the Central Bank no later than the date on which the (re) insurer is required to submit its annual quantitative templates, regular supervisory report or annual summary of the regular supervisory report and each own risk and solvency assessment. The directors' accuracy certifications are to be submitted at the same time as the reports to which they relate.