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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Following the recent Compliance Institute event at Forvis Mazars, entitled "Stepping into a PCF Role under SEAR – Factors to Consider", attendees gained valuable insights into navigating the complexities of the Senior Executive Accountability Regime (SEAR).
The Central Bank of Ireland (CBI) released its Flood Protection Gap Report on 14 October 2024, shedding light on the extent of Ireland's flood insurance coverage gaps. The report examines both the current and future risks posed by inadequate flood protection, which affects some homes and businesses across the country.
Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
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.
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Forvis Mazars actuarial consultants have in-depth knowledge and experience of the challenges and opportunities in the Irish insurance market.
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