Pre-emptive Recovery Plans are unique to each company and are generally highly sensitive and confidential. At the same time, insurers are keen to benchmark their approach with that of their peers. To facilitate and support insurers in this area, we ran a survey during the summer of 2022 covering a broad range of aspects of the requirements.
Our report provides insight into
A sample of our findings:
Results indicate that (re)insurers have coped well with the new regulations, though a small proportion found them very challenging.
Scenario Analysis was the area that proved to be most challenging for insurers, followed by Recovery Options.
For assistance in developing your recovery plans, please get in touch.
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Mazars and the Compliance Institute work together to provide unique insight into the views and expectations of financial services professionals and their preparedness for the individual accountability framework (IAF) and the senior executive accountability regime (SEAR).
On April 5, 2024, Finance Minister Michael McGrath launched a Feedback Statement (FS) on the proposed implementation of a Participation Exemption for foreign dividends within the Irish tax system. The FS invites feedback from interested parties on a “Strawman Proposal” developed for the implementation of the Participation Exemption.
In 2022, the European Securities and Markets Authority (ESMA) published its new multi-annual strategy for 2023-2028. ESMA’s 2024 Annual Work Programme is structured around the implementation of the ESMA strategy, fulfilling ESMA mandates in the legislation and building on the activities executed in 2023.
Regulations requiring recovery plans for (Re)insurers were published in April 2021. Following a consultation period with industry, a deadline of 31st March 2022 has been set for preparation of plans.
Forward thinking solutions to help you succeed in a transforming market
Mazars actuarial consultants have in-depth knowledge and experience of the challenges and opportunities in the Irish insurance market.
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