The Central Bank of Ireland (CBI) recently published its Insurance Newsletter – June 2025. The main points of interest are:

AMLA

The CBI sets out some details on the establishment of the EU Anti-Money Laundering Authority (AMLA) and its supporting legislation. AMLA will be responsible for the direct supervision of 40 of the highest risk cross-border entities, as well as facilitating joint analysis of financial intelligence and enabling effective information sharing between Financial Intelligence Units across the EU.

IRRD

The CBI expects to launch a public consultation on the transposition of the Insurance Recovery and Resolution Directive (IRRD) into Irish law this year. The consultation will seek public input on the exercise of Member State discretions under the IRRD, as well as the financing arrangements which are to be established to fund the activities of the national resolution authority (which will be part of the CBI). This consultation may also be a timely opportunity for Irish authorised (re)insurers to provide feedback  to the CBI on how the transposition of the IRRD will fit with the existing Irish requirements for pre-emptive recovery planning, as these are broader than the requirements set out in the IRRD.

Complaints

The CBI notes that the overview of complaints report published by the Financial Services and Pensions Ombudsman for 2024 indicates a 26% increase in the number of insurance complaints since 2023. The largest number of these complaints related to motor, health and travel insurance.

DORA

Mindful of the volume of compliance activities underway this year, such as the requirement on firms subject to DORA to submit registers of information, the CBI has decided not to require (re)insurance firms to provide outsourcing registers for 2025.

AI

The CBI has begun a data-gathering exercise to develop its understanding of current and expected uses of AI, AI strategies and governance and risk management related to the use of AI. This engagement is in the form of a survey addressing the use of AI in general terms, but also incorporates an EIOPA-led survey on the use of generative AI specifically. The survey was sent to selected firms during May 2025.