05/11/2009
The Irish regulatory authority has written to all captive companies domiciled in the jurisdiction, requesting their participation in the fifth Quantitative Impact Study (QIS5) for Solvency II.
A spokesperson for the Financial Regulator said it was expected that all Irish authorised captive insurance and reinsurance undertakings will participate in QIS5.
“This is both the intention of the Financial Regulator and is a stated objective from CEIOPS,” said the spokesperson.
“Full participation is required in order to fully assess the readiness of the entire market and to provide robust input to the final calibration of Solvency II.”
The regulator said it was “too early to make definitive statements on firms’ readiness for the 2013 deadline” as the supervisory framework is still being developed.
All Dublin captives have been requested by the regulator to outline their intentions in relation to the use of internal models and to nominate a board director to be accountable for Solvency II implementation.
The Financial Regulator said it has maintained close contact with the Dublin Insurance Managers Association which, it said “has made a strong case in relation to the particular nature of the captive insurance industry”.
“This has been recognised in the adjustment to the supervisory regime for captive firms outlined in the Financial Regulator’s guidance paper,” the spokesperson said.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
Originally planned as an insurance and reinsurance directive, Solvency II has undoubtedly unnerved the captive insurance industry.
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