The Implementing Regulations, which transpose Solvency II into Irish law, exclude certain undertakings from their remit. A positive obligation is placed on (re)insurers to notify the CBI if it believes it will meet the requirements set out in the Regulations for exclusion from the Solvency II regime.
On 26 November, the CBI published two template notification forms to be used where a (re)insurer meets the requirements for exclusion: (i) due to size (this will largely be firms with gross premium incomes below €5m and gross technical provisions below €25m); and (ii) due to closing activity (this will largely be firms which before 1 January 2016 cease to conduct new business and will terminate activity before 1 January 2019). Any undertaking that expects to meet the conditions for exclusion from Solvency II should notify the CBI, using the appropriate template, by 14 December 2015.
The template notification form for exclusion due to size is here.
The template notification form for exclusion due to closing activity is here.