Financial services newsletter - Issue 2
Welcome to the second edition of our newsletter, where we cover some of the major developments across the financial services sector throughout the last quarter.
Recovery and resolution planning has been a hot topic for the Insurance industry in recent years.
A recovery plan identifies options to restore financial strength when a company comes under severe stress. Recovery plans are a natural extension of companies’ financial projections, stress/scenario testing and general risk management.
Insurers are responsible for producing their own pre-emptive Recovery Plans in line with the new regulations.
A resolution plan is a comprehensive document which details the characteristics of an institution and describes the preferred resolution strategy for that institution, including which resolution tools to apply. In Ireland the CBI is required as national resolution authority (NRA) to undertake resolution planning.
(Re)insurers are now required to:
The deadline for the preparation of initial recovery plans was 31 March 2022.
For a comprehensive insight into industry practice in relation to pre-emptive recovery planning, see our Industry benchmarking survey
How can Forvis Mazars help?
Forvis Mazars have considerable experience in insurance risk management and thorough familiarity with the requirements and the regulatory expectations. We are available to aid you in developing your recovery plan and aligning it to your existing risk management strategies.
Our approach to recovery planning is specific to each clients’ needs, and may include the following key phases:
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