The Central Bank of Ireland (the “CBI”) released a letter dated 16 July 2012 stating that, with effect from 13 July 2012, the CBI’s “Corporate Governance for Reinsurance Undertakings” (the “Reinsurance Code”), dated December 2007, has been superseded by the CBI’s “Corporate Governance Code for Credit Institutions and Insurance Undertakings”.

In the case of captive (re)insurers, the “Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings” has superseded the Reinsurance Code.  This change is also effective from 13 July 2012.

The CBI has issued a number of other notable publications in recent months, including:

• A report on its review of the implementation of the Consumer Protection Code (June 2012)
• Updated FAQs in relation to the Corporate Governance Code for Credit Institutions and Insurance Undertakings (June 2012)
• A report on the CBI’s latest inspection into the sale of payment protection insurance (July 2012)
• Updated FAQs for the operation of the Fitness and Probity regime (July 2012)
• The CBI’s third Quarterly Bulletin for 2012 (July 2012)
• Revised Prudential Requirements for Life Reinsurance Undertakings (July 2012)
• Revised Prudential Requirements for Non-Life Reinsurance Undertakings (July 2012)
• Revised Prudential Requirements for Composite Reinsurance Undertakings (July 2012)
• Revised User Manual in respect of the Individual Questionnaire (August 2012)