On 2 June 2021, the Central Bank of Ireland (CBI) published its Annual Report 2020 & Annual Performance Statement 2020-2021 (Annual Report), together with its 2020 Report on Protected Disclosures (Disclosures Report).
The Annual Report
The Annual Report contains some useful information on the insurance sector in Ireland. It shows that at the end of 2020, there were 3,569 regulated entities across all regulated markets overseen by the CBI, excluding funds. As at December 2020, there were 39 life assurance companies: 91 non-life companies and 59 reinsurance companies. There were also 2,454 registered intermediaries, though the Annual report does not identify how many of those were (re)insurance intermediaries. The Annual Report also notes that in 2019, through the industry levy, the CBI received €41m from (re)insurance companies. Close to €6m was received from intermediaries and debt management firms, but no detail has been provided as to what proportion of this was received from (re)insurance intermediaries.
Regarding the fitness and probity scheme, the Annual Report records that during 2020 the CBI assessed 3,553 applications for preapproved controlled functions with 2,880 applications approved, 312 returned as incomplete, 352 withdrawn, and 993 were still in progress at the time of publication. No breakdown is provided in relation to what proportion of applications came from the (re)insurance sector.
The Disclosures Report
The Disclosures Report notes that between 1 January 2020 and 31 December 2020, the CBI received 202 protected disclosures. All disclosures were assessed by the CBI. The actions taken on foot of those disclosures included additional supervisory work such as inspections, putting firms under high supervisory focus and using Risk Mitigation Programmes and Enforcement actions.
Both reports are accessible here.
If you would like to discuss any of the matters reviewed in the Annual Report or Disclosures Report in more detail, please contact a member of the Insurance Department or your usual William Fry contact.
Contributed by Conor Forde