On 26 April 2022, the Central Bank of Ireland (the “CBI”) published its March 2022 insurance newsletter (here) highlighting recent regulatory developments and the CBI’s expectations in respect of same.
Key Developments and CBI Expectations
Sanctions in respect of the Conflict in Ukraine
The CBI confirms that it expects all (re)insurers (“Undertakings”) to have undertaken at least a preliminary assessment of their direct and indirect exposures to Russia, Ukraine and Belarus1. The CBI also highlights cyber risks and economic and financial market implications resulting from the conflict in Ukraine.
In respect of cyber risk, the CBI expects Undertakings to:
- have measures in place to detect, defend, recover, protect and ensure continuity of their operations; and
- assess their exposure to cyber risks and keep a watching brief for advisories from the National Cyber Security Centre.
In respect of economic and financial market implications, the CBI expects Undertakings to ensure that they have up-to-date data available to facilitate the monitoring of key financial metrics and a responsive own risk and solvency assessment (“ORSA”) process.
The CBI is concerned that an…
