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ARTICLE · 19 JANUARY 2010

Client Newsletter Winter 2009 – Insurance Law

Dillon Eustace
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The Solvency II Framework Directive will introduce a risk based capital regulatory regime for insurers, reinsurers and captive companies with more than €5 million in gross premium volume that operate in the European Union.

IrelandInsurance
Dillon Eustace
Dillon Eustace
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In this issue:-

  • Solvency II Framework Directive – 2007/44 EC
  • European Commission Reviews the Insurance Block Exemption
  • Proposed New European System of Financial Supervision
  • Health Insurance (Miscellaneous Provisions) Act, 2009

SOLVENCY II FRAMEWORK DIRECTIVE - 2007/44EC

The Solvency II Framework Directive will introduce a risk based capital regulatory regime for insurers, reinsurers and captive companies with more than €5 million in gross premium volume that operate in the European Union. This Directive is due to be implemented no later than 31 October 2012.

Following approval by the European Parliament of the framework principles (Level 1) in May 2009, progress is now underway to develop Level 2, the more detailed Implementing Measures. The Level 2 Implementing Measures are required to take account of advice from the Committee of European Insurance and Occupational Pension Scheme Supervisors ("CEIOPS") whose advice is due by the end of 2009.

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