2017 - Directors' Certifications for (Re)Insurance Undertakings

January 2017:

(Re)Insurance Undertakings – Directors’ Certifications

A. Annual Compliance Statement

The Central Bank of Ireland (the "CBI") has served a notice on (re)insurance undertakings under section 25 of the Central Bank Act 1997 requiring those undertakings to submit a compliance statement to the Central Bank on their compliance with relevant obligations. 

Relevant obligations as stated in the Notice are:

  • The Insurance Acts 1909 to 2009, including regulations made under those Acts and regulations relating to insurance made under the European Communities Act 1972;
    • European Union (Insurance and Reinsurance) Regulations 2015;
    • Applicable European Commission Delegated Regulations and European Commission Implementing Regulations designated as designated enactments in section 2(2A) of the Central Bank Act 1942; and
    • The Corporate Governance Requirements for Insurance Undertakings 2015. 

Guidance issued by the CBI in 2016 sets out the format of the compliance statement required. The compliance statement must be submitted to the CBI not later than the date on which the (re)insurer is required to submit its annual quantitative templates and regular supervisory report (for 2016 reports this date is 20 May 2017). The compliance statement must be signed by all directors who held that position at the end of the year to which the statement refers and continue to hold the position at the date the statement is being submitted.

 B. Directors’ Accuracy Certifications

The Solvency II Directive, transformed into Irish law by the European Union (Insurance and Reinsurance) Regulations 2015, requires the submission of a directors’ accuracy certificate in respect of:

  • The annual quantitative templates (“QRT’s”);
  • The regular supervisory report (“RSR”); and
  • The own risk and solvency assessment

The directors’ accuracy statement must be submitted to the CBI at the same time as the reports to which they refer and must be signed by two directors and the CEO.

Templates, provided by the CBI for the compliance statement and accuracy statements, are converted to Microsoft Word format and can be downloaded here:

Click on the Icon to download the Directors' Compliance Statement:    

Click on the Icon to download the Directors' Accuracy Statement:        

If you would like to discuss any of these services with us please contact us at:
info@governancematters.ie or +353 (0)45 862218

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