Irish Insurers To Compile Recovery Plans Under New Rules

Law360, London (April 28, 2021, 3:32 PM BST) -- The Central Bank of Ireland has published its insurance recovery regulations, which compel businesses to ready their operations in the event of adverse situations that could potentially stress their finances.

Under the rules, insurance and reinsurance companies will need to prepare a plan that has a menu of recovery options and a set of stress scenarios designed to test those options, the central bank said Tuesday.

Companies must also have a communications strategy as part of their recovery program, it said. The plans, which should also include a description of the business, will need to be reviewed, the central bank added....

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