The Central Bank has published a detailed FAQ on the Corporate Governance Code for Credit Institutions and Insurance Undertakings (the Code).
The Code imposes minimum core standards on all credit institutions and insurance undertakings which are licensed or authorised by the Central Bank.
Notably, this includes reinsurers (the inclusion of reinsurers in the scope was not originally envisaged in CP41) but excludes captive insurance undertakings and captive reinsurance undertakings as those entities will be covered by a new code. It also imposes additional and more robust requirements on certain entities which are designated as "Major Institutions" by the Central Bank, to reflect the risk and nature of those institutions. The Code does not apply to foreign incorporated subsidiaries of an Irish institution.
The FAQ addresses each section of the Code and sets out the questions and responses in relation to each section. The guidance reflects questions which have been raised in relation to the Code and is informed by the Central Bank's developing practice and experience in applying it. The FAQ is available here.
For more detail on the Code, please click here for our previous article of November 2010.