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ARTICLE · 19 MAY 2010

Client Newsletter Spring 2010 – Insurance Law

Dillon Eustace
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On the 17 December, 2009, the definitive text of the Solvency II Directive (2009/138/EC) was published in the Official Journal.

IrelandInsurance
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In this issue:-

  • Solvency II Framework Directive – 2009/138/EC
  • Deloitte's External Study on the Impact Assessment of Solvency II
  • Insurance Block Exemption

SOLVENCY II FRAMEWORK DIRECTIVE - 2009/138/EC

On the 17 December, 2009, the definitive text of the Solvency II Directive (2009/138/EC) was published in the Official Journal. The Council of the European Union ("the Council") adopted the Directive on 10 November, 2009 and it was then signed by both the Council and the European Parliament on 25 November, 2009.

The Directive aims to strengthen the supervision and prudential regulation of insurance and reinsurance companies, particularly through the imposition of new solvency and governance requirements. It also establishes a new framework for EU regulation through the recasting of 13 insurance directives into a single text.

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