CP144 - Guidance on the Use of Service Companies for Staffing Purposes in the Insurance Sector


Overview

Description

The Central Bank of Ireland (the Central Bank) has observed a practice within the insurance sector whereby a number of insurance and reinsurance undertakings (undertakings) are seeking to enter, or have entered, arrangements for the use of separate legal entities for the provision of extensive staffing to the undertaking (staffing arrangements).

The Central Bank is proposing to introduce Guidance, (i.e. “Guidance on the Use of Service Companies for Staffing Purposes in the Insurance Sector”) on its expectations of undertakings who choose to enter arrangement of this nature.

Therefore, the Central Bank is publishing this Consultation Paper to seek stakeholders’ views on the proposed Guidance.  It follows on from the publication of Discussion Paper 9 (DP9) - Use of Service Companies in the Insurance Sector – in November 2019, the feedback from which has been considered and incorporated, as relevant, into the Central Bank’s thinking on this matter.

Interested stakeholders are invited to provide feedback, using the template provided, on or before 6 November 2021.

View Comments Template

CP Number : CP144
Date : 06 August 2021
Closing Date : 06 November 2021

Consultation Paper Document

CP144 - Guidance on Use of Service Companies for Staffing Purposes in the Insurance Sector | pdf 450 KB