Regulatory Alerts2015-11-25
Corporate Governance Requirements for Insurance Undertakings 2015
The Central Bank of Ireland issued these requirements to impose minimum corporate governance standards on all authorized insurance undertakings and additional obligations for those designated as High Impact. The document mandates specific board composition rules, including a majority of independent non-executive directors, separation of the Chairman and CEO roles, and strict limits on concurrent directorships. It further establishes rigorous protocols for risk management, committee structures, reporting of material deviations, and annual compliance statements to ensure robust oversight and accountability.
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