Governance and Solvency II

Under Solvency II, each insurance and re-insurance company must have an effective system of governance in place to provide for the sound and prudent management of its business. Irish insurers are also subject to the Central Bank of Ireland’s "Corporate Governance Requirements for Insurance Undertakings".

Our team advises insurers on setting up and maintaining an effective, fully compliant and efficient governance system.

Our comprehensive service covers:

  • Advising on and developing a corporate governance framework tailored to each specific business.
  • Drafting and reviewing policies and procedures required under Solvency II – including those for risk management, internal control, internal audit and outsourcing – as part of the corporate governance framework.
  • Advising on compliance structures and arrangements.
  • Advising on board structure and composition.
  • Developing appropriate terms of reference for the board, sub-committees of the board and non-executive directors on the board.
  • Reviewing and filing individual questionnaires to comply with the Central Bank’s Fitness and Probity regime.
  • Assisting in assessing the independence of proposed non-executive directors.