Ireland: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles
IMF Staff Country Reports, May 13, 2015
Source details
- Canonical URL
- Ireland: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles
Other formats
Bibliographic details
- Published: May 13, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475586398.002
Overview
- This paper reports findings of the Detailed Assessment of Observance on the Insurance Core Principles for Ireland.
- It highlights progress by the Central Bank of Ireland (CBI) in updating the regulatory regime.
- The impending implementation of Solvency II (SII) is expected to address most regulatory gaps identified in the assessment.
- CBI’s preparation for SII is described as well advanced, with a dedicated SII project in place since 2010.
- The Central Bank Supervision and Enforcement Act of 2013 has significantly enhanced CBI’s supervision and enforcement powers.
Key findings
- CBI has made significant progress in updating the regulatory regime.
- The impending implementation of Solvency II (SII) is expected to address most of the regulatory gaps noted in the assessment.
- CBI’s preparation for SII is well advanced.
- A dedicated SII project has been in place since 2010.
- The Central Bank Supervision and Enforcement Act of 2013 has significantly enhanced CBI’s supervision and enforcement powers.
Subject areas and keywords
- Subjects: Financial institutions; Financial sector policy and analysis; Financial services; Insurance; Insurance companies; Legal support in revenue administration; Revenue administration; Solvency.
- Keywords: business model; CR; ERM framework; Europe; Global; group supervision; holding company; impact insurer; Insurance; Insurance companies; insurance group; ISCR; Legal support in revenue administration; life assurance; life insurer; line of business; reinsurance strategy; risk assessment; risk management; risk profile; Solvency.