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Jan 23, 2025 | 
williamfry.com | Eoin Caulfield |Ian Murray
In its last quarterly Insurance Newsletter of 2024, the Central Bank of Ireland (Central Bank) provided an update that it has revised its Notification Guidance for (Re)insurance Undertakings when Outsourcing Critical or Important Functions or Activities (CIFA) under Solvency II (Guidance). The existing Guidance had been in place since the advent of Solvency II in 2016.
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Jan 16, 2025 | 
williamfry.com | Daniel Gannon |Martha Ní Dhochartaigh |Ashley Hennessy |Eoin Caulfield
The Central Bank of Ireland (Central Bank) published its final quarterly Insurance Newsletter for 2024 (Newsletter). The Newsletter contains several important updates for Irish (re)insurers, including the Central Bank’s supervisory priorities for 2025 and its revised guidance on outsourcing. The Central Bank’s new supervisory framework will take effect in 2025 and aims to achieve a more integrated approach to supervision.
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Nov 4, 2024 | 
williamfry.com | Conor Beirth |Ashley Hennessy |Eoin Caulfield
In September 2024, the Central Bank of Ireland (CBI) published its latest quarterly Insurance Newsletter covering various matters of interest for Irish (re)insurers (Newsletter).
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Oct 16, 2024 | 
mondaq.com | Eoin Caulfield |John O'Connor
WF
William Fry
More
William Fry is a leading full-service Irish law firm with over 310 legal and tax professionals and 460 staff. The firm's client-focused service combines technical excellence with commercial awareness and a practical, constructive approach to business issues. The firm advices leading domestic and international corporations, financial institutions and government organisations.
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Oct 16, 2024 | 
mondaq.com | Eoin Caulfield |Ian Murray
It ranges from firms dealing with customers through digital
channels, often with no direct human interaction, through to
back-end activities with a heavy reliance on technology. Many
insurers and intermediaries also have complex outsourcing and cloud
dimensions.
The Central Bank of Ireland, EIOPA, the European Commission, and
the European Parliament have been active in seeking to understand
the benefits and risks of technology and to regulate
accordingly.
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Oct 16, 2024 | 
lexology.com | Eoin Caulfield |Ian Murray |Martha Ní Dhochartaigh |Conor Beirth
On 31 July 2024, the High Court delivered its judgment in the case of CBL Insurance Europe DAC (In Liquidation) v Insurance Act 1936 [2024] IEHC 484. The judgment deals with a number of important considerations in the winding up of an insurance undertaking, including the treatment of insurance claims and insurance policies during this process.
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Oct 15, 2024 | 
mondaq.com | Eoin Caulfield |Ian Murray
WF
William Fry
More
William Fry is a leading full-service Irish law firm with over 310 legal and tax professionals and 460 staff. The firm's client-focused service combines technical excellence with commercial awareness and a practical, constructive approach to business issues. The firm advices leading domestic and international corporations, financial institutions and government organisations.
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Oct 15, 2024 | 
williamfry.com | Ashely Hennessy |Marguerite Sinnott |Eoin Caulfield
Readiness for DORAThe Digital Operational Resilience Act (DORA) will apply with direct effect in all Member States from 17 January 2025. DORA introduces new standards for relevant financial entities as regards the management of cyber security risk and information and communication technology (ICT) risk. The article highlights key elements for (re)insurers and intermediaries, as well as detail on categories of firm that may be exempt from DORA.
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Oct 15, 2024 | 
lexology.com | Marguerite Sinnott |Eoin Caulfield |John O'Connor
Readiness for DORAThe Digital Operational Resilience Act (DORA) will apply with direct effect in all Member States from 17 January 2025. DORA introduces new standards for relevant financial entities as regards the management of cyber security risk and information and communication technology (ICT) risk. The article highlights key elements for (re)insurers and intermediaries, as well as detail on categories of firm that may be exempt from DORA.
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Oct 14, 2024 | 
lexology.com | Marguerite Sinnott |Eoin Caulfield |Ian Murray
Digitalisation and broader innovation themes are growing features in the insurance sector. This is seen across the entire insurance ‘value chain’. It ranges from firms dealing with customers through digital channels, often with no direct human interaction, through to back-end activities with a heavy reliance on technology. Many insurers and intermediaries also have complex outsourcing and cloud dimensions.
