The Central Bank has recently published the February edition of the Solvency II Matters newsletter.
Amongst other items, the Central Bank reports on the national specific templates (NSTs) which it has developed to address data requirements not provided for in EIOPA’s quarterly reporting templates. The Central Bank reports that eleven additional NSTs have been developed to gather required data which relate primarily to non-life claims development and reserving, and variable annuity business with guarantees.
The Central Bank is currently in the process of consulting with the Minister for Finance and the Minister for Jobs, Enterprise and Innovation in respect of a set of regulations providing for the NSTs. The Central Bank reports that the NSTs will apply to:
- (Re)insurance undertakings which are rated as high impact under the Central Bank’s PRISM supervisory regime (approx.10 undertakings);
- (Re)insurance undertakings which transact variable annuity business (approx. 12 undertakings); and
- Significant branches passporting into Ireland under EU freedom of establishment provisions (6 undertakings).
The Central Bank also highlighted the 31 May 2016 deadline for submission of notifications in respect of in-situ individuals that (re)insurance undertakings believe will perform the role of Head of Actuarial Function (PCF 48). The in-situ process only applies where a person was in the role on or before 31 December 2015.
Finally, the Central Bank has indicated that the final edition of Solvency II Matters will be published in late March. From June 2016, the Central Bank will publish a quarterly insurance newsletter in a similar format to Solvency II Matters.
To view Solvency II Matters in full, please click here.
Contributed by Naoise Harnett
