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ARTICLE · 08 MARCH 2016

Financial Services Regulation Update: Solvency II - A New Era

Mason Hayes & Curran LLP
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The implementation of the Solvency II Directive into Irish law on the 1 January 2016 is a major development for the Irish insurance industry.

IrelandInsurance
Mason Hayes & Curran
Mason Hayes & Curran
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The implementation of the Solvency II Directive into Irish law on the 1 January 2016 is a major development for the Irish insurance industry. (Re)insurance firms operating in Ireland are now facing change on an unprecedented scale.

The Solvency II Directive (2009/138/EC) (as amended) ("Solvency II") provides the framework for a new EU solvency and supervisory regime for the insurance sector. Ireland transposed Solvency II on 4 November 2015 by way of the European Union (Insurance and Reinsurance) Regulations 1 which took effect on 1 January 2016.

Solvency II creates a fully harmonised regime for the prudential regulation of (re)insurers based across the EU and it applies to those in both the life and non-life insurance sectors.

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