With another busy financial reporting period coming to a close, spring is traditionally a time that insurers take stock and develop strategic and operational priorities for the year ahead. We increasingly see undertakings recognising the benefit of integrating their regulatory risk and compliance agenda with the wider business planning process. And with the regulatory landscape becoming more sophisticated, adopting this holistic approach is making increased business sense.
The Mazars insurance regulation newsletter helps provides a snapshot of the latest regulatory developments affecting the industry right now, including:
COP, short for Conference of the Parties, refers to a series of official gatherings where governments evaluate global progress in implementing the Paris Agreement and the Convention, with the aim of limiting global warming to 1.5°C based on the most recent scientific findings. During COP meetings, leaders from around the world come together to assess advancements and negotiate effective strategies...
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.
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The requirements are set out in the Central Bank of Ireland’s Domestic Actuarial Regime, which became effective on 1st January 2016.
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.
Digitalisation has changed the world of customer service and customer engagement rapidly. Companies are facing several touchpoints and an increasing number of incoming messages and requests. Meanwhile, customers are expecting a 24/7 self-service.
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