Non-Solvency II Regime – “the Alternative Regime”

The information in this section is applicable to Life Insurance, Non-Life Insurance and Reinsurance undertakings who are 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).