tailieunhanh - Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings

PBgC’s financial assistance is not automatic. a plan must follow certain procedures to obtain financial assistance. First, it must notify PBgC and the plan’s participants that it is insolvent. Second, it must inform participants of their statutorily guaranteed benefit levels. next, it must apply for financial assistance with the PBgC. PBgC must then verify the insolvency and determine the level of financial assistance it will provide. This level depends on the amount of contributions and withdrawal liability payments the plan is receiving, if any. PBgC also reviews the plan’s administrative costs to ensure. | 3 Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings Contents Section No. Contents Page No. 1 Scope 4 2 Definitions 6 3 Legal Basis 8 4 Reporting to the Central Bank 11 5 Transitional Arrangements 12 6 General Requirements 13 7 Composition of the Board 15 8 Chairman 18 9 Chief Executive Officer 20 10 Directors 21 11 Role of the Board 22 12 Appointments 25 13 Risk Appetite 27 14 Meetings 29 15 Reserved Powers 30 16 Consolidated Supervision 31 17 Committees of the Board 32 18 Compliance Statement 33 4 Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings Scope The Code imposes the following minimum core standards upon all captive insurance undertakings and captive reinsurance undertakings which meet each of the following criteria 1 a are authorised as an insurance undertaking holding an authorisation within the meaning of paragraph a of the definition of authorisation in Article 2 1 of the European Communities Non -Life Insurance Framework Regulations or b are authorised as a reinsurance undertaking as defined in Article 3 of the European Communities Re-insurance Regulations 2006 and 2 which have been deemed as a captive by the Central Bank of Ireland the Central Bank and 3 which meet the definition of a captive referred to in section 2 of this Code. The Central Bank may from time to time impose such additional corporate governance requirements on any captive where it considers it necessary to do so due to the nature scale and complexity of the captive. In such circumstances a captive will .