On 25 June 2020, the Central Bank of Ireland (CBI) released a public consultation paper on proposals to introduce formal recovery planning requirements for (re)insurers under Section 48[1] of the Central Bank (Supervision and Enforcement) Act 2013.
This briefing note summarises the draft regulations and accompanying guidelines. It provides detail on the proposed structure of an insurer’s recovery plan, along with the components required for each section of the plan.
The CBI has requested stakeholders to provide feedback on the consultation paper by 30 October 2020.