Updated guidance on (Re)Insurance authorisation applications

The updated guidance and checklist timing are favourable, incorporating elements from insurance and broader guidance papers issued over recent years. The new guidance explicitly references the following areas:

• Guidance for (Re)Insurance undertakings on climate change risk.
• Cross-industry guidance on operational resilience.
• Guidance on the use of service companies for staffing within the Insurance sector.
• Cross-industry guidance on outsourcing.

With the improved guidance and checklist now available, it is anticipated that the number of follow-up questions and queries applicants receive after submitting a completed application will decrease.

The CBI has indicated that, once a fully complete application is received, the expected authorisation time is approximately three months, though this may extend to six months depending on various factors outlined in the guidance. These factors include the complexity and quality of the application, response times to CBI queries, and the responsiveness of third parties (such as overseas jurisdictions).

Preparation and early engagement are crucial to ensuring a smooth application process. The updated guidance encourages applicants to contact the CBI for a preliminary meeting before submitting an application. We strongly recommend taking advantage of this opportunity early in the process. This engagement helps establish a relationship with the authorisation team and allows the CBI to address any potential issues or concerns early. Furthermore, this meeting is invaluable for discussing the level of detail required to meet the CBI’s expectations.

How Can We Help?

We recognise the importance of establishing the right structures and resources to support your licence application. At Forvis Mazars in Ireland, our Partner-led approach is backed by a team of senior professionals, ensuring you receive tailored advice and support. Our regulatory technical experts possess hands-on experience within the sector and have a comprehensive understanding of the regulatory expectations for businesses.