On 10 June 2011, the Central Bank of Ireland (the “Central Bank”) published a list of frequently asked questions and responses thereto relating to various aspects of Solvency II. This helpful guidance can be found on the Solvency II section of the Central Bank’s website. It is the Central Bank’s intention to update this information regularly.
Certain aspects of Solvency II on which the Central Bank has provided guidance include:
- the date of implementation of Solvency II and the likelihood that this will change;
- the criteria used by the Central Bank in assessing an internal model;
- the frequency by which a undertaking’s minimum capital requirement (MCR) and solvency capital requirement (SCR) are required to be calculated once Solvency II comes into force.
Publication by the Central Bank of Guidance on Frequently Asked Questions on the Corporate Governance Code for Credit Institutions and Insurance Undertakings
The Central Bank has recently published guidance entitled “Corporate Governance Code for Credit Institutions and Insurance Undertakings – Frequently Asked Questions”. This guidance is designed to accompany the Corporate Governance Code for Credit Institutions and Insurance Undertakings (the “Code”) which was introduced in January 2011. This recent publication provides useful guidance on the various requirements of the Code and addresses common queries about the Code raised by industry participants and professional advisors. The Central Bank notes that the guidance may be updated from time to time.
Certain aspects of the Code on which the Central Bank has provided guidance include:
- reporting to the Central Bank;
- the composition and role of a company’s Board of Directors;
- the role of the Chairman and Chief Executive Officer.