error
Subscriptions are not available for this site while you are logged into your current account.
close
Skip to main content

      KPMG updates

      Inside Insurance: Tech Innovation & Industry Disruption


      In this episode of the podcast series Inside Insurance, Jean Rea (Partner, Actuarial Consulting, KPMG Ireland) sits down with Gary Leyden, Managing Director of Instech.ie. They explore how technology is reshaping the insurance, the role of Insurtech in accelerating digital transformation, and what this means for the future of the industry.

       

      UK Corporate Governance Code (2024): Provision 29


      The KPMG Risk and Regulatory Team (led by Michael Daughton, Partner and head of Risk and Regulatory, KPMG Ireland), explores the changes to the Financial Reporting Council’s (FRC) 2024 revisions to the UK Corporate Governance Code. Provision 29 introduces a formal requirement for Boards to declare the effectiveness of material controls in their annual reports. This marks a significant shift how Boards approach risk management and internal controls. The provision is effective from January 2026.

      Niall Naughton

      Partner, Head of Insurance

      KPMG in Ireland

      Central Bank Updates

      Central Bank: Annual Report Private Motor Insurance


      The Central Bank of Ireland (the Central Bank) has published its annual report on Private Motor Insurance utilising information from the National Claims Information Database (NCID). The report looks at data from 2010 to 2024 and gives insights into the cost of premiums, claims and the overall aggregated financial performance of the private motor insurance sector.

       

      Central Bank: Guidance on Standards of Fitness and Probity


      The Central Bank has published its feedback statement, revised Fitness and Probity Standards and revised Guidance on the Standards of Fitness and Probity following its consultation (CP160) released in April 2025. The Central Bank note that the guidance brings together all F&P materials into one comprehensive document, providing a unified explanation of the overall F&P framework.

       

      Central Bank: Speech – Financial System Conference


      The Central Bank has published a speech delivered by the Governor, Gabriel Makhlouf, at its fourth annual Financial System Conference. The speech by Mr Makhlouf touched on the importance of maintaining effective and efficient regulation and supervision. Mr Makhlouf outlined recent improvements, including the integrated supervisory approach, streamlined authorizations, and initiatives like the Innovation Sandbox. In addition, Mr Makhlouf reaffirmed efforts to improve domestic regulation with a upcoming review in 2026 of the corporate governance requirements to "remove duplication, improve alignment across sectors, and embed proportionality and clarity into governance design.

      European Insurance and Occupational Pensions Authority Updates

      EIOPA: Solvency II: Liquidity Risk Management Plans


      The European Insurance and Occupational Pensions Authority (EIOPA) has published its final report (PDF, 865KB) on draft Regulatory Technical Standards (RTS) on new macroprudential tools that have been introduced following the recent review of the Solvency II framework. EIOPA notes the updated framework includes enhancements to the liquidity risk management plans (LRMPs). The RTS set out the criteria for selecting undertakings that need to perform medium and long-term liquidity analyses in addition to short-term assessments. The draft RTS were submitted to the European Commission (EC).

       

      EIOPA: Solvency II: Macroprudential Analyses


      EIOPA has published a final report (PDF, 565KB) on draft RTS on new macroprudential tools that have been introduced following the recent review of the Solvency II framework. The updated framework includes enhancements through macroprudential risk analyses and incorporates macroprudential considerations into insurers’ risk management practices. The RTS detail which (re)insurers must integrate macroprudential analyses into their Own Risk and Solvency Assessments (ORSA) and their application of the prudent person principle (PPP). The draft RTS were submitted to the EC.

       

      EIOPA: European Insurance Overview Report 2025


      EIOPA has published its annual European Insurance Overview Report that provides a comprehensive, data-driven snapshot of the European (re)insurance sector based on Solvency II annual reporting for 2024. EIOPA highlights that the indicators included in the report are calculated using data submitted from all (re)insurance undertakings.

       

      EIOPA: Risk Dashboard for Occupational Pension Funds


      EIOPA has published its risk dashboard for Occupational Pension Funds. The dashboard details the main risks and vulnerabilities within the European Economic Areas (EEA) institutions for Occupational Retirement Provisions (IORPs) sector for different schemes.

       

      EIOPA: Use of Limitations and Exemptions in Solvency II Reporting


      EIOPA has published a report providing an overview of the number of the National Competent Authorities (‘NCA’) that grant limitations and / or exemptions from Solvency II reporting requirement  to solo undertakings and groups within the EEA.

      Other European and International Supervisory Authority Updates

      EC: Launches Whistleblowing Tool for AI Act


      The European Commission (EC) has published a press release announcing the launch of a whistleblower tool as part of the EU AI Act. The tool offers a confidential way for individuals to report suspected AI Act breaches to the EU AI Office. Whistleblowers can submit pertinent information in any official language of the EU, using any appropriate format.

       

      ESA: Critical Third-Party Providers under DORA


      The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) have published a list of designated critical ICT third – party providers (CTPPs) under the Digital Operational Resilience Act (DORA). The list of the CTPP designated by the ESAs are available here. (PDF, 172KB)

      EIOPA Q&A Updates

      10 Oct: S.09.01

      EIOPA gave guidance in Q&A (#3278) on how repurchase agreements (“repos”) and reverse-repos should be reported in S.09.01.

      UK Updates

      FCA: General insurance value measures data


      On 17 October 2025, the FCA released their third full year of general insurance (GI) value measures data covers January 2024 to December 2024.

       

      FCA: Firm specific complaints data


      On 23 October 2025, the FCA released the individual firm data reported to them by financial services firms for 1 January to 30 June.

       

      FCA: Redress paid


      On 23 October 2025, the FCA released a breakdown of redress for complaints, both upheld and not upheld, by product group.

       

      PRA: Speeches


      In October 2025, the PRA published the following speeches:

      • Acclimatised − speech by Sam Wood
      • Financial stability and growth: The Financial Policy Committee’s mandate and the question of balance − speech by Jonathan Hall
      • Explaining the consumption gap - speech by Catherine L Mann

       

      PRA: LIAC02/25 – Low Impact Amendments


      On 16 October 2025, the PRA announced a consultation paper covering several low impact amendments to rules and regulations. These include an amendment to the Insurance Special Purpose Vehicle (ISPV) Part of the PRA Rulebook, Solvency Requirements, Rule 2.2A(3).

       

      PRA: Wage information and applicant selection


      On 24 October 2025, the PRA released working paper no. 1148 which cover the results of their field experiment on the effects of wage information in job adverts.

      Further information

      For more on any of the items above, or any Insurance-related queries, contact Niall Naughton, Head of Insurance. We'd be delighted to hear from you.

      Niall Naughton

      Partner, Head of Insurance

      KPMG in Ireland

      Tackle complex challenges in a world of regulatory change, operational pressures and digital transformation
      Go to page

      Discover more in Insurance

      Something went wrong

      Oops!! Something went wrong, please try again