-
Sep 5, 2024 | 
lexology.com | Dario Dagostino |Laura Mulleady
On 29 August 2024, the Central Bank of Ireland (the CBI) issued a Dear CEO letter to the insurance industry, detailing its findings following a recent targeted Consumer Protection Risk Assessment (CPRA) of insurance firms’ consumer protection risk management frameworks. The letter also sets out certain actions which insurance firms are required to take in the coming months. In this short publication, we look at the CBI’s findings and required actions.
-
Sep 2, 2024 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch |Niall Guinan
In this article, we look at how the Prudential Regulation Authority and the Financial Conduct Authority have embedded the CGO in the UK and consider potential lessons for Ireland in terms of the growth of our insurance industry. Since June 2023, UK law has required the Prudential Regulation Authority (the PRA) and the Financial Conduct Authority (the FCA) to advance a “competitiveness and growth objective” (the CGO).
-
Aug 7, 2024 | 
lexology.com | Laura Mulleady |Niall Guinan |Sinead Lynch
The European Union’s Artificial Intelligence Act (AI Act) entered into force on 1 August 2024 and will become effective in phases over the next 24 to 36 months. As has been widely reported, it will have an enormous impact on a whole range of sectors, but arguably few more so than the insurance sector. In this article, we have considered how the AI Act will impact insurers and what needs to be done now to prepare for gradual implementation. What’s special about insurers?
-
Nov 9, 2023 | 
lexology.com | Dario Dagostino |Mark Devane |Patrick Brandt |Christopher Martin |Sarah Lee |Duncan Inverarity | +9 more
Following the publication of the Central Bank’s draft Guidance on the Individual Accountability Framework (IAF) in March 2023 and the consultation process which closed in June 2023, it appears that publication of the final Guidance and the feedback statement on the Consultation is imminent and will be published next week.
-
Oct 4, 2023 | 
lexology.com | Laura Mulleady |Niall Guinan
A series of devastating environmental catastrophes in Europe and across the globe in the summer of 2023 has further demonstrated the growing urgency to get on top of the climate crisis.
-
Sep 5, 2023 | 
lexology.com | Dario Dagostino |Patrick Brandt |Mark Devane |Kevin Allen |Chloe Culleton |Christopher Martin | +17 more
REGULATORY INVESTIGATIONS The New Central Bank Administrative Sanctions Procedure Draft Guidelines and Consultation Paper Update and Insights on the proposed new enforcement regime for financial services firms 36 MIN READ algoodbody.com The New Central Bank Administrative Sanctions Procedure Draft Guidelines and Consultation Paper | 2023 CONTENTS 00/ AT A GLANCE THE PROCESS AND KEY CHANGES03 01/ COMMENCING AN INVESTIGATION 05 02/ GATHERING EVIDENCE 06 03/ PRIVILEGE AND CONFIDENTIALITY 07 04/...
-
Aug 24, 2023 | 
lexology.com | Laura Mulleady |Laura Wolff Scanlan
The use of big data and artificial intelligence is rapidly increasing in the insurance sector, both in Ireland and beyond. While data has always been collected and processed by insurers to inform underwriting decisions and pricing, the way in which data collected is combined and assessed to generate information and predictions about consumers’ characteristics, behaviours and lifestyles has evolved.
-
Aug 1, 2023 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch |Emma Martin
The Law Reform Commission (LRC) has very recently published a lengthy consultation paper on legalisation and regulation of third-party litigation funding (TPLF) in Ireland. This follows hot on the heels of new legislation removing the restrictions on third-party funding of international commercial arbitration in Ireland. See our recent article on that development here.
-
Jul 27, 2023 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch |Emma Martin
The European Insurance and Occupational Pensions Authority (EIOPA) recently launched a consultation relating to reinsurance concluded with third country (re)insurers (TCRs). A supervisory statement has been published (on which EIOPA has invited comments). This draws on national supervisor approaches that EIOPA has identified as good practice, in recent years. Aim and focusEIOPA aims to ensure consistency in the approach of EEA insurance supervisors to third country reinsurance arrangements.
-
Apr 19, 2023 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch
Focus on cultureA subtle but palpable shift in the emphasis of regulation is underway. Have you noticed the CBI's increasing emphasis on culture? Unfortunately, this doesn't mean spending pleasant nights at the theatre but organisational culture – the influences and behaviours that create a corporate culture and the effect of that culture on the financial health of the organisation and the well-being of its customers.
