The Central Bank has recently published the Corporate Governance Requirements for Insurance Undertakings 2015 and the Corporate Governance Requirements for Captive Insurance and Captive Reinsurance Undertakings 2015. The 2013 Codes have been split and renamed to provide for requirements for insurance undertakings and credit institutions separately. The nature of these requirements has not changed, however, some additional requirements, applicable to insurance undertakings designated as high impact, have been introduced. Undertakings will be required to comply with the Requirements from 1 January 2016. Until this date, the conditions previously imposed on (re)insurance undertakings under the 2013 Codes remain in force.
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