Insurance Regulatory Update – August 2017

SOLVENCY II INSURANCE AND REINSURANCE REGULATIONS AMENDED

On 25 August 2017, the European Union (Insurance and Reinsurance) (Amendment) Regulations 2017 [S.I. No. 384 of 2017] (the Regulations) were published. The Regulations make certain amendments to the European Union (Insurance and Reinsurance) Regulations 2015 [S.I. No. 485 of 2015] (the 2015 Regulations) and the Insurance Act 1989 in order to more accurately reflect the Solvency II Directive.

The main provisions of the Regulations are as follows:

• Removing third country reinsurance providers from the scope of the 2015 Regulations, so long as they only carry out reinsurance activities in Ireland;
• Reinsurers with a head office located in Ireland who wish to transfer their portfolio to another undertaking will now require approval from the Central Bank;