The Central Bank recently published a document setting out its insurance supervisory review process. This summarises its methods of supervision and criteria for insurance supervisory assessment. It sets out an overview of the key Solvency II legislation/guidelines with respect to topics including (a) system of governance, (b) technical provisions, (c) capital requirements and (d) quality/quantity of own funds. On the same day, the Central Bank published details of its supervisory objectives for 2016 (together with an overview of the structure of its Insurance Directorate). Some areas emphasised as priorities (including for inspection) are: (a) monitoring of claims environment, (b) adequacy of technical provisions, (c) governance requirements, (d) pricing and reserving risk, and (e) claims underwriting and outsourcing risk.
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Central Bank of Ireland publishes information on insurance supervisory objectives and process
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