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Editorial

EU Directive On Reinsurance

IV REINSURANCE

EU DIRECTIVE ON REINSURANCE

One of the major new tasks for the Financial Regulator in 2006, following the adoption of the EU Directive on Re-insurance (2005/68/EC), will be the regulation of more than 150 re-insurance companies based in Ireland.



The Financial Regulator issued a consultation paper on transitional requirements for non-life reinsurance undertakings in February 2006 (CP16). The Financial Regulator will shortly be issuing a formal consultation paper on corporate governance for re-insurance companies. In addition, two further consultation papers shall also be issued; one setting out the Financial Regulator's proposed approach to supervision of re-insurance companies during the transitional period up to 30 June, 2007, when the directive will come fully into force, and the other, setting out an approach to reserve and solvency requirements for life re-insurance, consistent with the directive.

The Financial Regulator is also working on a number of other issues including financial re-porting and risk based solvency indicators in non-life, including an augmented solvency model. The Financial Regulator is also at an advanced stage in relation to the special provisions that will apply to finite re-insurance and to re-insurance companies taking the form of special purpose vehicles.

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