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ARTICLE · 04 DECEMBER 2015

Insurance Regulatory Update, November 2015

Arthur Cox
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This is the November edition of the Arthur Cox Insurance Regulatory Update, the monthly bulletin of the Arthur Cox Insurance Group. The Update contains a summary of recent developments in insurance regulation, law and practice.

IrelandInsurance
Arthur Cox
Arthur Cox
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IN DOMESTIC NEWS...

PUBLICATION OF LEGISLATION TRANSPOSING SOLVENCY II INTO IRISH LAW

On 4 November 2015, the Minister for Finance signed into law the European Union (Insurance and Reinsurance) Regulations 2015 (the Implementing Regulations). The purpose of the Regulations is to transpose into Irish law Directive 2009/138, Solvency II, as amended by Directive 2014/51, Omnibus II.

The Regulations will come into effect on 1 January 2016. However, certain provisions which enable the CBI to make decisions in advance of the implementation date (e.g. decisions on the use of internal models, USPs, ancillary own funds etc.) take effect immediately (Article 1(3) of the Regulations).

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