Regulatory Alerts2016-12-20
Guidelines on the Compliance Statement in accordance with Section 26 of the Corporate Governance Requirements for Insurance Undertakings 2015
The Central Bank of Ireland issues these guidelines to direct insurance undertakings and their directors on preparing the annual Compliance Statement mandated by Section 26 of the Corporate Governance Requirements for Insurance Undertakings 2015. The document requires firms to submit the statement alongside their annual reports or Solvency II regulatory filings, explicitly detailing any material deviations from governance obligations alongside background explanations and proposed remedial actions. It further mandates a six-year retention period for supporting governance documentation, clarifies that the statement remains confidential unless enforcement action is taken, and specifies how it integrates with existing directors' compliance certifications.