Requirements & Guidance

Certain aspects of the supervisory process may require clarity beyond that which is provided for in insurance legislation. In such instances, the Central Bank of Ireland issues requirements or guidance to give additional context to aspects of our supervisory process. This material is intended to provide clarity on the Central Bank’s expectations and to assist undertakings in their on-going compliance with insurance legislation - see below.

We base our requirements and guidance on international best practice, guidelines and recommendations issued by relevant oversight bodies such as the European Insurance & Occupational Pensions Authority (EIOPA), the International Monetary Fund (IMF) and the International Association of Insurance Supervisors (IAIS).

EIOPA Guidelines:

Under Article 16(3) of the EIOPA Regulation and Article 71(2)(b) of the Solvency II Directive, National Competent Authorities are required to make every effort to comply with guidelines published by EIOPA. The Central Bank intends to comply with the EIOPA Guidelines and to incorporate them into our supervisory practices as appropriate. The Central Bank expects insurance and reinsurance undertakings to comply with any relevant EIOPA Guidelines.