Director of Insurance Supervision at the Central Bank, Sylvia Cronin has confirmed the Central Bank has been contacted by approximately another 20 insurance entities to discuss authorisation.
Cronin says unlike other financial sectors, insurance firms are not generally waiting for Article 50 to be triggered before implementing their strategies on location.
She added that the Central Bank is “open to discussion and engagement with any applicant. Our website contains extensive information on our approach to authorisations. A firm will not be authorised unless it demonstrates compliance with the requirements specified in law.”
Mr Cronin was speaking at a KPMG Annual Client & Training Event today which examined the key issues currently facing insurance firms - Brexit, Solvency II reporting, IT and cybersecurity.
Source: www.businessworld.ie