Regulations
The European Union (Insurance and Reinsurance) Regulations 2015
(S.I. No.485/2015) (the "Regulations") were signed by the
Minister for Finance on 4 November 2015, transposing the Solvency
II Directive into Irish law. The Regulations establish new capital
requirements, valuation techniques and governance and reporting
standards. The Regulations also provide the Central Bank of Ireland
with increased supervisory responsibilities.
Background
Solvency II creates a fully harmonised regime for the prudential
regulation of insurance and reinsurance business in Europe. The
primary purpose of the new regime is to introduce a risk based
approach to the supervision of insurers and reinsurers with its
principal objective being the protection ofpolicyholders.
