Corporate Governance Requirements for Insurance Undertakings 2015 (Non-High Impact Designated insurance Undertakings) 

Description

The Central Bank of Ireland's Corporate Governance Requirements for Insurance Undertakings 2015 (‘the Requirements’) set out the corporate governance obligations which apply to insurance undertakings, excluding captive insurance and captive reinsurance undertakings, with effect from 1 January 2015.

The Requirements impose the following:

1. Minimum core standards upon all insurance undertakings authorised by the Central Bank (including reinsurers but excluding captives); and

2. Additional requirements (as set out in Appendix 1) upon insurance undertakings which are designated as  High  Impact by  the Central  Bank  so as to ensure that appropriate and  robust corporate  governance frameworks  are in place and implemented to reflect the risk and nature of those insurance undertakings. 

Learning Objectives

Learners will attain an understanding of the Corporate Governance Requirements for Insurance Undertakings and will complete an assessment after completion of the course. The module covers the following:

Part 1

a) Introduction

b) General Requirements

c) Composition of the Board

Knowledge Check: Part 1

Part 2

a) Chairperson

b) Chief Executive Officer

c) Independent Non-Executive Directors

d) Non-Executive Directors and Executive Directors

e) Chief Risk Officer

Knowledge Check: Part 2

Part 3

a) Role of the Board

b) Appointments

c) Risk Appetite

d) Meetings

e) Reserved Powers

f) Consolidated Supervision

Knowledge Check: Part 3

Part 4

a) Committees of the Board

b) General Requirements

c) Terms of Reference of the Committees

d) Audit Committee

e) Risk Committee

f) Remuneration Committee

g) Nomination Committee

Knowledge Check: Part 4

Part 5

a) Compliance Statement

b) Central Guidance on the Compliance Statement Requirement

Assessment

Timing

The duration of this 5 part module is approximately 89 minutes. Each part is followed by a knowledge check for which we have allocated 8 minutes overall to complete. We have allocated up to 25 minutes for the assessment that follows the completed module.

Time: 2 hours 2 minutes

Randomised Assessment

Bespoke Optional

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