Authorisation Process for (Re)insurance Undertakings

To apply for authorisation as an insurance or reinsurance undertaking, potential applicants should refer to the Guidance on Completing and Submitting Licence Applications.

In advance of contacting the Central Bank, a potential applicant must assess what type of licence its business model requires and whether it will be capable of meeting the regulatory requirements in relation to that licence. Having satisfactorily completed this assessment the applicant should then contact the Authorisation Team in the Insurance Supervision Division in order to arrange a preliminary meeting.

Subsequent to a preliminary meeting, the information requirements outlined in the applicable checklist must be provided to the Central Bank in order to constitute a completed application.

Life Insurance Applications

Non-Life Insurance Applications (including Captives)

Reinsurance Applications

All of the listed information must be provided in order to constitute a completed reinsurance application. The application process is then an iterative one involving comments from and responses to the Central Bank after the application is submitted. If an applicant makes material changes to an application, it should submit a revised application incorporating all changes.

The final decision on applications rests with the Central Bank. Details in relation to the formal licensing of successful applications are also included in the Guidance on Completing and Submitting Licence Applications.