In April 2021, the Central Bank of Ireland (CBI) published their recovery plan requirements in the form of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Recovery Plan Requirements for Insurers) Regulations 2021.

This briefing note summarises the published regulations and guidelines, whilst also drawing attention to the areas that have materially changed when compared to the CBI’s draft proposals released in June 2020.

We have also provided insights into the key aspects of a recovery plan, which companies may find useful when preparing their own plans.