S.I. No. 158/2020 - European Union (Insurance and Reinsurance) (Amendment) Regulations 2020


Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 8th May, 2020.

The Minister for Finance, in exercise of the powers conferred on him by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving further effect to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 20091 as amended by Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 20192 , hereby makes the following regulations:

1. (1) These Regulations may be cited as the European Union (Insurance and Reinsurance) (Amendment) Regulations 2020.

(2) These Regulations come into operation on 30 June 2020.

2. The European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ) are amended -

(a) in Regulation 3, by the substitution of the following definition for the definition of “the Directive”:

“ ‘the Directive’ means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 20091 on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II) as amended by Directive 2011/89/EU of the European Parliament and of the Council of 16 November 20113 , Directive 2012/23/EU of the European Parliament and of the Council of 12 September 20124 , Council Directive 2013/23/EU of 13 May 20135 , Directive 2013/58/EU of the European Parliament and of the Council of 11 December 20136 , Directive 2014/51/EU of the European Parliament and of the Council of 16 April 20147 , Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 20168 , Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 20179 , Directive 2018/843/EU of the European Parliament and of the Council of 30 May 201810 and Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 20192 ;”,

and

(b) in Regulation 88(8), by the substitution of “85 basis points” for “100 basis points”.

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GIVEN under the Official Seal of the Minister for Finance,

1 May, 2020.

PASCHAL DONOHOE,

Minister for Finance.

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2 OJ No. L 334, 27.12.2019, p. 155

1 OJ No. L 335, 17.12.2009, p. 1

3 OJ No. L 326, 8.12.2011, p. 113

4 OJ No. L 249, 14.9.2012, p. 1

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6 OJ No. L 341, 18.12.2013, p. 1

7 OJ No. L 153, 22.5.2014, p. 1

8 OJ No. L 354, 23.12.2016, p. 37

9 OJ No. L 347, 28.12.2017, p. 35

10 OJ No. L 156, 19.6.2018, p. 43

2 OJ No. L 334, 27.12.2019, p. 155