Insights

At its March 2020 meeting, the International Accounting Standards Board deferred the effective date of IFRS 17 Insurance Contracts for a year to 1 January 2023, with early application permitted.

On 27 April 2021, the Central Bank of Ireland published its feedback statement in respect of consultation paper 131 “Regulations for pre-emptive recovery planning for (re)insurers)” (“CP 131”). As a result of CP 131, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Recovery Plan Requirements for Insurers) Regulations 2021 commenced on 19 April 2021 and (re)insurers are now required to

With a confirmed effective date for annual reporting periods beginning on or after 1 January 2023, the new standard for the reporting of insurance contracts is looming on the horizon for many (re)insurers. For some of the larger domestic industry players, the heavy lifting regarding IFRS 17 (the “Standard”) has already been done,