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).

On 20 November 2015, the Finance (Miscellaneous Provisions) Act 2015 was signed into law. The Act will ensure continued regulation for (re)insurers falling outside the scope of Solvency II.

A link to the Regulations is here.

A link to the Act is here.