Ireland’s central bank has told captive entities that they must provide it with written statements that they are adhering to certain regulations.
In January, the Central Bank of Ireland informed Irish authority insurers and reinsurers, including captives, that they would be required to complete a compliance statement to be submitted to the central bank under Section 25 of the Central Bank Act 1997.
Captive insurers and reinsurers will now be obligated to adhere to the Corporate Governance Code (CGC) for Captive Insurance and Captive Reinsurance Undertakings 2011, in addition to established Irish regulations.
The compliance period for captives is the most recent financial year and the Section 25 Compliance Statement must be submitted with the annual return to the central bank.
Each director, as of the date of submission, will be required to confirm the accuracy of the information in the Section 25 Compliance Statement.
Guidelines on the Section 25 Compliance Statement are available on the bank's website.
