Summary
As the reinsurance sector in Ireland moves to formal regulation following the publication of Council Directive 2005/68/EC (“Reinsurance Directive”) on the 9th of December 2005, corporate governance standards within reinsurance undertakings will be subject to regulatory oversight. Following transposition of the Reinsurance Directive in Ireland via Statutory Instrument 380 of 2006 (“S.I. 380”), signed into Irish law on the 15th of July 2006, the Irish Financial Services Regulatory Authority (“Financial Regulator”) is issuing this paper to outline to the sector how Corporate Governance will be dealt with in practice between individual reinsurance undertakings and the Financial Regulator.