OREANDA-NEWS. The Central Bank of Ireland has published a feedback statement on Consultation Paper 92  Domestic Actuarial Regime and related Governance Requirements under Solvency II.

Under Solvency II all (re)insurance undertakings must comply with the requirements related to the actuarial function.  The Central Bank is also introducing specific domestic requirements regarding the actuarial function and related governance arrangements which shall apply to all (re)insurance undertakings subject to Solvency II.

The Central Bank views actuarial reporting as a key tool in its supervision of the insurance industry and as a fundamental mechanism for the effective management and oversight of all Solvency II (re)insurance undertakings.

The consultation period closed on 29 May 2015.

The Requirements will be imposed on a statutory basis by the end of 2015 and will  apply from 1 January 2016. The Central Bank will issue the Requirements following the transposition of Solvency II into national law in Ireland.