On 26 July 2022, the CAA published the new Circular 22/15 setting out regulatory requirements for the composition and functioning of the Board of Directors of insurance and reinsurance undertakings in the Solvency II framework.
The Circular 22/15 replaces previous circulars of the CAA, adds important clarifications to the EIOPA guidelines and confirms a few existing requirements.
The Circular 22/15 applies to insurance and reinsurance undertakings supervised by the CAA, including holding companies at the head of a group under the supervision of the CAA, with the exception of (i) captive insurance undertakings; (ii) captive reinsurance undertakings and (iii) non-captive reinsurance undertakings with gross annual premiums of less than EUR 100 million.
This GSK Update provides an overview on the new requirements for the governance of insurance and reinsurance companies.
