Regulatory Alerts2011-10-18
Guidelines on the Annual Compliance Statement for Captive Insurance and Reinsurance Undertakings
The Central Bank of Ireland issued these guidelines to assist captive insurance and reinsurance undertakings in preparing the Annual Compliance Statement required by Section 18 of the Corporate Governance Code. The document mandates that all directors sign and submit the statement to the supervisory team, requiring disclosure of any material deviations from the Code along with background details and remedial actions. It further specifies that supporting documentation must be retained for six years and outlines the Central Bank's authority to use reported breaches for regulatory enforcement, including potential financial penalties.
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