Central Bank Policy Notice On The Fitness And Probity Regime For (Re)Insurance Undertakings Under Solvency II

Author:Ms Sharon Daly, Darren Maher and April McClements
Profession:Matheson
 
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In advance of Solvency II implementation, the Central Bank's Fitness and Probity Regime was reviewed to determine its compatibility with the Solvency II regime. Changes to be made to the Fitness and Probity Regime for all (re) insurance undertakings include: (i) Key Function Holders Under Solvency II, all undertakings are required to have the four key functions of the System of Governance (Compliance, Internal Audit, Risk Management and Actuarial Functions) in place from 1 January 2016. Undertakings that do not currently have these functions in place will be required to establish the function and designate an individual to be responsible for each function and submit an IQ ("Individual Questionnaire") to the Central Bank for approval in advance of 1 January 2016. (ii) Outsourcing of Key Functions The Central Bank requires that, where key functions are outsourced, the undertaking designates a current PCF ("Pre-Approval Controlled Functions") holder within the undertaking with overall responsibility for the outsourced arrangement. Undertakings that outsource key functions will therefore be required to notify the Central Bank of the PCF(s) with...

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