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Changes ahead for Insurance Undertakings Using Service Companies for Staffing

AUTHORs: Darren Maher, Gráinne Callanan, Caroline Kearns co-author(s): Claire Scannell Services: Financial Institutions DATE: 02/09/2021

On 5 August 2021 the Central Bank of Ireland (the “Central Bank”) published a consultation paper seeking views on proposed Guidance on the Use of Service Companies for Staffing Purposes in the Insurance Sector (the “Guidance”). Such arrangements include the use of separate legal entities known as service companies for the provision of staffing or hybrid arrangements, which involve a combination of the provision of staff and other outsourced activities.

The Central Bank is introducing this Guidance as, in its view, these types of staffing arrangements used by the (re)insurance industry, have potential, if not effectively managed, to threaten the operational resilience of (re)insurers.

In this insight Matheson considers the proposed Guidance and next steps required by impacted firms

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