Requirements and Guidance for Life, Non-Life and Reinsurance Undertakings not subject to Solvency II

Ongoing Requirements & Guidance relevant to non-Solvency II undertakings

There are many aspects of the supervisory process that require clarity and in such instances we have issued requirements, guidance or correspondence. Much of this guidance is based on international best practice and/or recommendations issued by relevant bodies such as the International Monetary Fund (IMF) and the International Association of Insurance Supervisors(IAIS).

The following is a list of general requirements and guidance applicable to life, non-life and reinsurance undertakings that are not subject to Solvency II:

• May 2014 - Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers
• May 2014 - Guidance on Best Estimate & Margin for Uncertainty
• Guidelines for insurance companies on the risk management of derivatives
• December 2010 - Requirements on Reserving and Risk Governance for Variable Annuities
• Guidelines for insurance companies on Asset Management
• Guidelines for insurance companies on the Appointment of a Compliance Officer
• Guideline for Life, Non-Life and Reinsurance Undertakings - Compliance Statements
• General Good Requirements for insurance undertakings
• Guidelines on the Reinsurance Cover of Primary Insurers and the Security of their Reinsurers
• Guidelines for the establishment of an EEA Branch

Correspondence relevant to non-Solvency II undertakings

• November 2015 - Letter RE Head of Actuarial Function Role
  
• May 2015 - Letter RE Feedback on the Forward Looking Assessment of Own Risk (FLAOR)
  
• July 2014 - Letter RE XBRL Reporting Requirements
• October 2013 - INED Briefing Presentation 
• October 2012 - INED Briefing Presentation 
• March 2012 - Adaptation of Solvency I Minimum Guarantee Fund and Claims Premium Indices
• December 2011 - Letter RE Risk Appetite Statements 
• October 2011 - INED Briefing Presentation 
• April 2011 - Discussion Paper on Economic Scenario Generators and Market Consistency 
• April 2011 - Lending by Insurance Companies 
• December 2010 - Letter RE 80/20 rule and Change of business plan 
• February 2010 – Letter RE General Feedback on FCRs and SAOs to the Society of Actuaries in Ireland
• August 2009 - Discussion Paper on Capital Requirements for Variable Annuities Business 
• June 2009 - Notice RE Adaptation of Solvency I MGF & Claims Premiums Indices

Ongoing Requirements & Guidance relevant to Life Insurance Undertakings

• July 2014 - Withholding Tax Guidance Requirements
• August 2009 - Guidelines on Actuarial Financial Condition Reports
• 2009 - Guidance on Valuation Assumptions under Contracts covering more than one life

Correspondence relevant to Life Insurance Undertakings

• December 2014 - Letter RE Appointed Actuaries/Valuation
• December 2013 - Letter RE Appointed Actuaries/Valuation
• February 2013 - Letter RE Reports underlying the SAO
• January 2013 - Letter RE Principles of Best Practice - Distribution of Life Insurance Products on a Cross-Border Basis
• February 2011 - Central Bank response to SoAI request on "Requirements on Reserving and Risk Governance in relation to VA"
• January 2011 - SoAI response to "Requirements on Reserving and Risk Governance in relation to VA"
• December 2010 - Letter RE VA Requirements
• December 2010 - Annual Letter to Appointed Actuaries
• November 2010 - Requirements in relation to year-end Actuarial Reports
• February 2010 - Letter RE Descriptions of investment products to customers
• December 2009 – Letter RE Italian Withholding Tax
• August 2009 - Letter to Appointed Actuaries concerning submission of the Actuarial Financial Condition Report
• June 2009 – Letter RE Italian Withholding Tax

Ongoing Requirements & Guidance specific to Non-Life Insurance Undertakings

• January 2010 - Guidance Note for the Completion of Non-Life Insurance Quarterly Returns on the online reporting system
• November 2009 - Updated Operational Guidance applicable to Captive Insurance Undertakings
• 2009 - Guidance Note on the Treatment of Instalment Income from Premium Instalment Payment Plans
• 2008 - Guidance Note on the Treatment of Foreign Exchange
• January 2008 - Guidance Note on the completion of Annual Statutory Returns

Correspondence specific to Non-Life Insurance Undertakings

• February 2014 - Letter to High Impact and Selected Med-High Impact Non-Life Companies regarding reports underlying SAOs
• February 2013 - Letter to High Impact Non-Life Companies regarding reports underlying Statements of Actuarial Opinion

Ongoing Requirements & Guidance specific to Reinsurance Undertakings

• November 2014 - Requirements for Composite Reinsurance Undertakings
• November 2014 - Requirements for Life Reinsurance Undertakings
• November 2014 - Requirements for Non-Life Reinsurance Undertakings
• December 2012 - Requirements for Special Purpose Reinsurance Vehicles
• December 2012 - Requirements for Financial Reinsurance
• December 2012 - Requirements for Non-Life Finite Reinsurance
• December 2012 - Requirements for Life Finite Reinsurance

Correspondence relevant to Reinsurance Undertakings

• December 2010 - Reinsurance VA Requirements Letter