THE INSURANCE SUPERVISION Directorate of the Central Bank of Ireland is responsible for the authorisation and prudential supervision of insurance and reinsurance undertakings authorised in Ireland.
Solvency II Directive 2009/138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II Directive), as amended by amongst other amending Directives, by Directive 2013/58/EU and Directive 2014/51/EU, and transposed into Irish Law by the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. 485 of 2015), which entered into force on 1 January 2016. Delegated Regulation (EU) 2015/35 containing implementing rules for Solvency II and Delegated Regulation 2016/467 amending Commission Delegated Regulation (EU) 2015/35 concerning the calculation of regulatory capital requirements for several categories of assets held by insurance and reinsurance undertakings, are also relevant.
IDD. Directive (EU) 2016/97 on insurance distribution was implemented in Irish law by the European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018) (IDD Regulations).
PRIPS Regulation. Regulation (EU) 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) introduced a new pan-European pre-contractual product disclosure document, the KID.
We have in-depth knowledge and many years’ experience in acting for Insurers in negotiating, defending and taking proceedings in all courts and advising on the authorisation, compliance and other requirements applicable to Insurers arising under Irish and EU law and guidance (including that of EOIPA (European Insurance and Occupational Pensions Authority)).
More particularly we advise on:
- Authorisation requirements for Insurers in order to establish a branch or main office in Ireland, including the requirements for authorisation and capital arising under the Solvency II Regulations.
- Authorisation requirements specific to Captive Insurers. Specific Limitations on Captives imposed by law
- Claims Management and the putting in place of claims management agreements for Insurers under the Motor Insurance Directives
- Claims management, Consumer Protection Code Compliance, Data Protection Laws including GDPR, Data Security, Reporting Requirements, Compliance generally with all Central Banks Guidance and with:
- Code of Corporate Governance for Insurers and compliance requirements
- Compliance by Insurers with the Central Bank Fitness and Probity regime. We have developed a compliance manual which consolidates all the requirements of the Central Bank in this area
- Contracting by Insurers with Intermediaries and advising on the rights and obligations of Insurers in such connection
- Intercompany Agreements between Insurers and other group entities and how these are regulated and when Central Bank consent is required
- Intermediaries, authorisation requirements including the impact of the Insurance Distribution Directive, compliance advice with the IDD Regulations and the PRIPS Regulation, the Consumer Protection Code, Data Protection Laws compliance, the IIA 1995 compliance, the Fitness and Probity Regime and drafting of their Terms and Business, including distinguishing obligations owed to appointor and customers
- Marketing of Insurance products in light of the Consumer Protection Code, the Solvency II Regulations, the Data Protection Laws, the code of practice specific to Insurers, the Motor Insurance Directives and the Road Traffic Acts, the new Insurance Distribution Directive (IDD2) and the Commission’s Regulation on Key Information documents for packaged retail and insurance-based investment products (PRIIPs).
- Marketing of Insurance Products in the light of the PRIPS Regulations, the IDD Regulations, and GDPR over the internet and contracting with and binding customers online
- Outsourcing by Insurers and the structuring of outsourcing agreements and how Solvency II impacts outsourcing by Insurers and when it is prohibited and when Central Bank consent is required.
- Passporting into England. We have English law capability and have advised extensively Insurers on passporting their services into England
- Policies, Application Forms and Schedules to Policies, advising on and drafting them
- Portfolio transfers and the court approval required for such transfers
- Securitisation proposals for Insurers as amendments to Solvency II.