Requirements and Guidance for Life, Non-Life and Reinsurance Undertakings not subject to Solvency II
Background
The majority of undertakings are subject to the Solvency II regulations that came into force on 1 January 2016. However, there are a small number of undertakings, who due to their size or authorisation status, are not subject to Solvency II regulations. Such undertakings remain subject to a regulatory regime broadly similar to the legislative regime that was in place prior to the introduction of Solvency II.
Requests for Exclusion from Solvency II
In order to be excluded from the Solvency II regime firms must meet certain criteria and must notify the Central Bank in accordance with Regulation 11(4)(c) of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. 485 of 2015).
Ongoing Requirements & Guidance relevant to non-Solvency II undertakings
There are many aspects of the supervisory process that require clarity and in such instances we have issued requirements, guidance or correspondence. Much of this guidance is based on international best practice and/or recommendations issued by relevant bodies such as the International Monetary Fund (IMF) and the International Association of Insurance Supervisors(IAIS).
The following is a list of general requirements and guidance applicable to life, non-life and reinsurance undertakings that are not subject to Solvency II:
Correspondence relevant to non-Solvency II undertakings
Ongoing Requirements & Guidance relevant to Life Insurance Undertakings
Correspondence relevant to Life Insurance Undertakings
Ongoing Requirements & Guidance specific to Non-Life Insurance Undertakings
Correspondence specific to Non-Life Insurance Undertakings
Ongoing Requirements & Guidance specific to Reinsurance Undertakings
Correspondence relevant to Reinsurance Undertakings