On 25 June 2018, the Financial Sector Conduct Authority and the Prudential Authority published a joint communication which sets out the status of all directives, board notices, insurance notices, information letters and guidance notes ("Instruments") originally issued under the Long-term and Short-term Insurance Acts, 1998, on or after 1 July 2018 (being the anticipated effective date of the Insurance Act, 2017).
Inter alia, the joint communication confirms in Annexure A thereto that:
- certain Instruments will remain in force and will be reassessed during the course of 2018, including, Directive 55.A.i (LT, ST&LL) dealing with the placement of insurance outside the Republic and Information Letter 3/2008 (LT&ST) dealing with the Prohibition on Inducements; and
- specific Instruments will be withdrawn or lapse on the effective date of the Insurance Act, 2017, including Directive 159.A.i (LT&ST) dealing with outsourcing arrangements.
A copy of the relevant document can be accessed here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.