There are ongoing requirements in relation to reinsurance undertakings that fall outside the scope of previous sections.
This section highlights some of these requirements and how they are dealt with.
The following list is not exhaustive and is intended to serve as a guide. If any reinsurance undertaking is unclear of its obligations they should contact the Central Bank of Ireland. Contact details are available in the ‘Contact Us’ section.
Change of Director/Manager
Any change of director/manager should be notified to the Central Bank of Ireland. This includes both proposed appointments and resignations. All proposed appointees are subject to the ‘Fitness & Probity’ regime as outlined in the Supervision Process.
Application for extension of authorisation
Any reinsurance undertaking seeking to change its authorisation must first notify the Central Bank of Ireland.
Applications to change authorisation must be made to the Authorisations department of the Central Bank of Ireland. The timing of such applications should be discussed with the Central Bank of Ireland prior to their formal submission.
Application for Subordinated Loans
Subordinated Loan Capital or Subordinate Debt is a source of funds for a reinsurance undertaking and may be treated as part of capital if the debt meets specific requirements. The undertaking may request consent to put forward a certain percentage amount in subordinated loan capital for a portion of its Solvency Margin.
All applications are treated on a case-by-case basis.
Change of Address
Any change of address by a reinsurance undertaking should be notified in advance to the Central Bank of Ireland. This will allow us to update our records and systems on a timely basis.
Change in Qualifying Holding
There are certain restrictions on acquiring and disposing of qualifying holdings in reinsurance undertakings. Directive 2007/44/EC defines the procedural rules and evaluation criteria for the prudential assessment of acquisitions and increases of holdings in any insurance or reinsurance undertaking.
The Central Bank of Ireland may oppose a change in holding if it is not satisfied with the Fitness and Probity of the person/institution proposing to acquire a holding.
An application for a proposed change in qualifying holding must be made on the 
Acquiring Transaction Notification Form.
Other changes
If there is uncertainty regarding whether a change constitutes a material change for supervisory purposes you should contact the Central Bank of Ireland directly.