The Central Bank has recently issued a letter to all Irish life and non-life insurers asking that they deliver to the Central Bank an undertaking to adopt all of the obligations of the Corporate Governance Code for Credit Institutions and Insurance Undertakings. Insurers are expected to provide this undertaking in writing by close of business on 28 February 2011. The letter provides that, in accordance with section 24 of the Insurance Act 1989, an insurer's failure to deliver a requested undertaking may lead to suspension or revocation of the insurer's licence.