Amendments Processing for (Re)insurance Undertakings

The Central Bank of Ireland plays a role in assessing any proposed amendments to an undertakings approved business model. This section highlights some of the amendments that may be required in the normal course of business. The following list is not exhaustive and is only intended to serve as a guide to undertakings. If any (re)insurance undertaking is unclear of its obligations they should contact their supervisory team immediately to discuss any proposed amendments.

Change of Director/Manager

Any change of director or manager should be notified to the Central Bank. This includes both proposed appointments and resignations. All proposed appointees are subject to the Central Bank’s ‘Fitness & Probity’ requirements.

Change in Qualifying Holding

There are certain restrictions on acquiring and disposing of qualifying holdings in (re)insurance undertakings. A ‘qualifying holding’ means a direct or indirect holding in the undertaking which represents 10% or more of the capital or of the voting rights or which makes it possible to exercise a significant influence over the management of the undertaking.
The Central Bank may oppose a change in holding if it is not satisfied with the Fitness & Probity of the person/institution proposing to acquire a holding.
An application for a proposed change in qualifying holding must be made on the Acquiring Transaction Notification Form (an MS Word Version of the form is also available).  For further information regarding the prudential assessment process please see the ‘Joint Guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the banking, insurance and securities sectors’.

Please note that any acquiring transactions and increases in qualifying shareholdings completed without prior notification to (or without assessment by) the Central Bank have no legal validity.

Change of Company Name

The Central Bank must be notified of any change to an undertaking’s legal name or the addition of, or change to, any trading name. This will allow us to update our records on a timely basis.

Application for Extension of Authorisation

Any undertaking seeking to extend its authorisation must first notify the Central Bank. Upon receipt of the notification the Central Bank will outline the procedure to progress the application. The timing of such applications should be discussed with the relevant supervisory team prior to their formal submission.

Change of Address

Any change of address by a (re)insurance undertaking should be notified in advance to the Central Bank. This will allow us to update our records on a timely basis.

Other Changes

If there is any uncertainty regarding whether a change constitutes a material change for supervisory purposes you should contact your supervisory team directly.