On 4 November 2015, the Minister for Finance signed the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. 485 of 2015) which transpose the Solvency II Directive into Irish law. The majority of the Regulations come into operation on 1 January 2016, with a number of provisions already commenced as necessary to comply with the phasing-in provisions of the Directive.