The Central Bank of Ireland has published Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers (“the Requirements”).
The purpose of the Requirements is to strengthen the reserving framework for non-life insurers and non-life and life reinsurers. The Requirements set out a series of requirements in areas such as the role of Signing Actuary, internal and external audits, reserving policy and issues which should be considered by the Boards when setting the margin for uncertainty.
The Central Bank has also published the Guidance on Best Estimate and Margin for Uncertainty and the Feedback Statement containing the feedback received from industry following the publication of Consultation Paper CP 73 in September 2013. The Feedback Statement includes the Central Bank’s response on the matters raised within the industry feedback.
The Requirements are being introduced on a statutory basis as a condition of authorisation and are effective for the financial years ending on or after 31 December 2014.
For more information see http://www.centralbank.ie/press-area/press-releases%5CPages%5CCentralBa…