The Central Bank has published an updated version of its 'PRISM Explained' document, which details the Central Bank's risk-based supervisory model in relation to financial institutions. The update includes references to the impact of Solvency II on the supervision of insurance undertakings, which includes the introduction of a separate set of Probability Risk Categories in respect of the Insurance Sector (largely mirroring the Solvency II requirements. The document outlines PRISM will cover both the Supervisory Review and Evaluation Process outlined under the Capital Requirements Directive and the Own Risk and Solvency Assessment requirements for insurance companies under the Solvency II Directive will be met through PRISM. The document also details the supervisory responsibilities of the Central Bank under the Single Supervisory Mechanism as it applies to 'Significant' and 'Less Significant' Institutions.