The Central Bank has published a Consultation on Requirements for Reserving and Pricing for Non-Life Insurers and Reinsurers (CP73).  CP73 contains a number of changes which the Central Bank proposes to introduce in order to strengthen its supervisory framework, including:

  • the imposition of requirements on a statutory basis for non-life insurers and reinsurers including a requirement to submit a Statement of Actuarial Opinion (SAO) to the Central Bank and requirements in respect of the SAO regime and the governance of reserving.  An SAO is intended to give an independent view of the adequacy of an insurance company’s reserves;
  • the prescription of the signing actuary role as a Pre-Approval Control Function (PCF); and
  • other proposals in relation to Internal Audit Requirement, Risk Margin Report, Peer Review and Pricing Policy.

Comments on CP73 are invited from interested parties before 10 December 2013. 

Please click here to view CP73 in full.