On 24 January 2014, new Central Bank guidelines on compliance statements came into effect for life and non-life insurers and reinsurers. The guidelines replace prior guidance/requirements issued by the Central Bank for annual directors' compliance statements; and also incorporate the (unchanged) forms of annual compliance statement required under the Corporate Governance Code for Credit Institutions and Insurance Undertakings 2010 and the Corporate Governance Code for Captive Insurance Undertakings and Captive Reinsurance Undertakings 2011. Notably, while the statements required pursuant to the 2010 and 2011 Codes still provide for a materiality threshold (i.e. allowing confirmation that the entity has materially complied with relevant requirements) the equivalent materiality threshold previously incorporated in the guidance on directors' compliance statements has not been reflected in the new guidelines. Other changes include new guidance for insurers regarding the appropriate confirmations concerning their accounting and reserving obligations.