There are clear guidelines regarding material outsourcing, which in too many cases are not being adhered to. We will continue to review how regulated entities demonstrate that they are discharging their regulatory obligations when they outsource functions or any insurance or reinsurance activities, to both group and / or non-group companies.
iv) Reporting and Disclosure: I recognise the very significant increase in reporting obligations associated with Solvency II, and the challenges these give rise to. In fact, the Central Bank is having to assess and evolve its own processes to deal with the very sizeable increase in regulatory data submissions across all sectors.