Table of Contents
European Union (Insurance and Reinsurance) Regulations 2015 [S.I. No. 485 of 2015] (Solvency II Regulations)Introductory TextPart 1 Preliminary (regs. 1-11)Regulation 1 Citation and commencementRegulation 2 Object of RegulationsRegulation 3 InterpretationRegulation 4 Exclusion of small undertakingsRegulation 5 Exclusion of mutual undertakingsRegulation 6 Exclusions: insurance forming part of social security systemRegulation 7 Exclusions: non-life operationsRegulation 8 Exclusions: assistance activityRegulation 9 Exclusions: life operations and organisationsRegulation 10 Exclusions: reinsuranceRegulation 11 Insurance and reinsurance undertakings closing their activityPart 2 Authorisation (regs. 12-26)Regulation 12 Prohibition against carrying on insurance etc. without authorisationRegulation 13 Deemed authorisation for existing undertakingsRegulation 13A Conditions for application of Regulation 13BRegulation 13B Regulations applicable to a person to whom Regulation 13A appliesRegulation 14 AuthorisationRegulation 15 Scope of authorisationRegulation 16 Ancillary risksRegulation 17 Conditions for authorisationRegulation 18 Close linksRegulation 19 Policy conditions and scales of premiumsRegulation 20 Economic requirements of the marketRegulation 21 Scheme of operationsRegulation 22 Shareholders and members with qualifying holdingsRegulation 23 Prior consultation with authorities of other Member StatesRegulation 24 Decision on application for authorisationRegulation 25 Notification of authorisation to EIOPARegulation 26 Power to impose conditionsPart 3 Supervision (regs. 27-42)Regulation 27 Main objective of supervisionRegulation 28 Financial stability and pro-cyclicalityRegulation 29 General principles of supervisionRegulation 30 Scope of supervisionRegulation 31 Transparency and accountabilityRegulation 32 Prohibition of refusal of reinsurance and retrocession contractsRegulation 33 Supervision of branches established in another Member StateRegulation 34 Information to be provided for supervisory purposesRegulation 35 Annual and quarterly information etc.: transitional deadlinesRegulation 36 Directors' accuracy certificatesRegulation 37 Auditor's reportRegulation 38 Supervisory review processRegulation 39 Capital add-onRegulation 40 Supervision of outsourced functions and activitiesRegulation 41 Transfer of insurance portfolioRegulation 42 Transfer of portfolio by reinsurance undertakingPart 4 Conditions governing business (regs. 43-75)Chapter 1 Responsibilities of board of directors (reg. 43)Regulation 43 Responsibility of board of directorsChapter 2 System of governance (regs. 44-51)Regulation 44 General governance requirementsRegulation 45 Fit and proper requirementsRegulation 46 Risk managementRegulation 47 Own risk and solvency assessmentRegulation 48 Internal controlRegulation 49 Internal auditRegulation 50 Actuarial functionRegulation 51 OutsourcingChapter 3 Public disclosure (regs. 52-58)Regulation 52 Report on solvency and financial condition: contentsRegulation 53 Report on solvency and financial condition: transitional deadlinesRegulation 54 Information for EIOPARegulation 55 Report on solvency and financial condition: applicable principlesRegulation 56 Report on solvency and financial condition: updates and additional voluntary informationRegulation 57 Report on solvency and financial condition: policy and approvalRegulation 58 Annual reportsChapter 4 Qualifying holdings (regs. 59-75)Regulation 59 InterpretationRegulation 60 AcquisitionsRegulation 61 DisposalsRegulation 62 Insurance and reinsurance undertakings to provide information on certain acquisitions and disposalsRegulation 63 Period for assessment of proposed acquisitionRegulation 64 Assessment of proposed acquisitionsRegulation 65 Bank to co-operate with other authoritiesRegulation 66 Bank may fix period for completion of acquisitionRegulation 67 Notice of Bank's decisionRegulation 68 Bank may oppose certain acquisitionsRegulation 69 Decision to oppose proposed acquisition to be appealableRegulation 70 Circumstances in which proposed acquisition may not be completedRegulation 71 Effect of Companies Act 2014Regulation 72 Insurance and reinsurance undertakings to provide information about shareholdings etcRegulation 73 Power of Court to make certain ordersRegulation 74 Determination of voting rights for certain purposesRegulation 75 Notifications submitted before 1 January 2016Part 5 Exchange of information and promotion of supervisory convergence (regs. 76-77)Regulation 76 Co-operation with EIOPARegulation 77 Exchange of information with other authoritiesPart 6 Duties of auditors (reg. 78)Regulation 78 Duties of auditorsPart 7 Pursuit of life and non-life activity (regs. 79-81)Regulation 79 Pursuit of life and non-life insurance activityRegulation 80 Separation of life and non-life insurance managementRegulation 81 Linked life insurance and non-life insurance undertakingsPart 8 Valuation of assets and liabilities, technical provisions, own funds, solvency capital requirement, minimum capital requirement and investment rules (regs. 82-140)Chapter 1 Valuation of assets and liabilities (reg. 82)Regulation 82 Valuation of assets and liabilitiesChapter 2 Technical provisions (regs. 83-101)Regulation 83 General provisionsRegulation 84 Calculation of technical provisionsRegulation 85 Extrapolation of relevant risk-free interest rate term structureRegulation 86 Matching adjustment to relevant risk-free interest rate term structureRegulation 87 Calculation of matching adjustmentRegulation 88 Volatility adjustment to relevant risk-free interest rate term structureRegulation 89 Technical information produced by EIOPARegulation 90 Review of long-term guarantee measures and measures on equity riskRegulation 91 Other elements to be taken into account in calculation of technical provisionsRegulation 92 Valuation of financial guarantees and contractual options included in insurance and reinsurance contractsRegulation 93 SegmentationRegulation 94 Recoverables from reinsurance contracts and special purpose vehiclesRegulation 95 Data quality and application of approximations, including case-by-case approaches, for technical provisionsRegulation 96 Comparison against experienceRegulation 97 Appropriateness of level of technical provisionsRegulation 98 Increase of technical provisionsRegulation 99 Transitional measure on risk-free interest ratesRegulation 100 Transitional deductionRegulation 101 Phasing-in plan on transitional measuresChapter 3 Own funds (regs. 102-112)Determination of own funds (regs. 102-106)Regulation 102 Own fundsRegulation 103 Basic own fundsRegulation 104 Ancillary own fundsRegulation 105 Supervisory approval of ancillary own fundsRegulaion 106 Surplus fundsClassification of own funds (regs. 107-111)Regulation 107 Characteristics and features used to classify own funds into tiersRegulation 108 Main criteria for classification into tiersRegulation 109 Transitional provision for own fundsRegulation 110 Classification of own funds into tiersRegulation 111 Classification of specific insurance own-fund itemsEligibility of own funds (reg. 112)Regulation 112 Eligibility and limits applicable to Tiers 1, 2 and 3Chapter 4 Solvency Capital Requirement (regs. 113-138)General provisions (regs. 113-115)Regulation 113 GeneralRegulation 114 Calculation of Solvency Capital RequirementRegulation 115 Frequency of calculation etcStandard formula (regs. 116-124)Regulation 116 Structure of standard formulaRegulation 117 Design of Basic Solvency Capital RequirementRegulation 118 Transitional provisions on standard parametersRegulation 119 Calculation of Basic Solvency Capital RequirementRegulation 120 Calculation of equity risk sub-module: symmetric adjustment mechanismRegulation 121 Capital requirement for operational riskRegulation 122 Adjustment for loss-absorbing capacity of technical provisions and deferred taxesRegulation 123 Simplifications in standard formulaRegulation 124 Significant deviations from assumptions underlying standard formula calculationInternal model (regs. 125-138)Regulation 125 General provisions for approval of full and partial internal modelsRegulation 126 Specific provisions for approval of partial internal modelsRegulation 127 Policy for changing full and partial internal modelsRegulation 128 Responsibilities of board of directorsRegulation 129 Reversion to standard formulaRegulation 130 Non-complianceRegulation 131 Significant deviations from assumptions underlying standard formula calculationRegulation 132 Use testRegulation 133 Statistical quality standardsRegulation 134 Calibration standardsRegulation 135 Profit and loss attributionRegulation 136 Validation standardsRegulation 137 Documentation standardsRegulation 138 External models and dataChapter 5 Minimum Capital Requirement (regs. 139-140)Regulation 139 General provisionsRegulation 140 Calculation of Minimum Capital RequirementPart 9 Investments (regs. 141-143)Regulation 141 Prudent person principleRegulation 142 Limits on freedom of investmentRegulation 143 Investment in tradable securities or other financial instruments based on repackaged loansPart 10 Undertakings in Difficulty or in Irregular Situation (regs. 144-153)Regulation 144 Identification and notification of deteriorating financial conditions by undertakingRegulation 145 Non-compliance with technical provisionsRegulation 146 Non-compliance with Solvency Capital RequirementRegulation 147 Derogation from non-compliance with Solvency Capital RequirementRegulation 148 Non-compliance with Minimum Capital RequirementRegulation 149 Transitional arrangements regarding compliance with Minimum CapitalRequirementRegulation 150 Prohibition of free disposal of assets located within the StateRegulation 151 Supervisory powers in deteriorating financial conditionsRegulation 152 Recovery plan and finance schemeRegulation 153 Withdrawal of authorisationPart 11 Right of establishment and freedom to provide services (regs. 154-175)Chapter 1 Establishment by insurance undertakings (regs. 154-159)Regulation 154 Branch establishment in another Member StateRegulation 155 Communication of information to other Member StateRegulation 156 Change of particulars where the State is home Member StateRegulation 157 Branch establishment in the StateRegulation 158 Change of particulars where the State is host Member StateRegulation 159 Rights acquired by existing branchesChapter 2 Freedom of insurance undertakings to provide services (regs. 160-164)General (regs. 160-163)Regulation 160 Prior notification of intention to do business in another Member StateRegulation 161 Changes in nature of risks or commitmentsRegulation 162 Carrying on business in the StateRegulation 163 Rights acquired by existing insurance undertakingsThird party motor vehicle liability (reg. 164)Regulation 164 Compulsory insurance on third party motor vehicle liabilityChapter 2A Notification and collaboration platforms (regs. 164A-164B)Regulation 164A NotificationRegulation 164B Collaboration platformsChapter 3 Competencies of supervisory authorities of host Member State (regs. 165-172)Insurance (regs. 165-170)Regulation 165 LanguageRegulation 166 Prior notification and prior approvalRegulation 167 Non-compliant insurance undertakings authorised in another Member StateRegulation 168 Non-compliant insurance undertakings authorised by BankRegulation 169 AdvertisingRegulation 170 Taxes on premiumsReinsurance (regs. 171-172)Regulation 171 Non-compliant reinsurance undertakings authorised in another Member StateRegulation 172 Non-compliance by reinsurance undertaking authorised by BankChapter 4 Statistical information (reg. 173)Regulation 173 Statistical information on cross-border activitiesChapter 5 Winding-up proceedings (regs. 174-175)Regulation 174 Winding-up of insurance undertakingsRegulation 175 Winding-up of reinsurance undertakingsPart 12 Branches of undertakings established outside European Union (regs. 176-188)Chapter 1 Taking up of business (regs. 176-184)Regulation 176 Principle of authorisation and conditionsRegulation 177 Scheme of operations of branchRegulation 178 Transfer of portfolioRegulation 179 Technical provisionsRegulation 180 Solvency Capital Requirement and Minimum Capital RequirementRegulation 181 Advantages to undertakings authorised in more than one Member StateRegulation 182 Accounting, prudential and statistical information and undertakings in difficultyRegulation 183 Separation of non-life and life businessRegulation 184 Withdrawal of authorisation for undertakings authorised in more than one Member StateChapter 2 Reinsurance (regs. 185-186)Regulation 185 EquivalenceRegulation 186 Principle and conditions for conducting reinsurance activityChapter 3 Subsidiaries (regs. 187-188)Regulation 187 Information from Member States to Commission and EIOPARegulation 188 Third-country treatment of Community insurance and reinsurance undertakingsPart 13 Applicable law and conditions of direct insurance contracts (regs. 189-194)Chapter 1 Compulsory insurance (reg. 189)Regulatiion 189 Related obligationsChapter 2 Conditions of insurance contracts and scales of premiums (regs. 190-191)Regulation 190 Non-life insuranceRegulation 191 Life insuranceChapter 3 Information for policy holders (regs. 192-194)Non-life insurance (regs. 192-193)Regulation 192 General information for policy holdersRegulation 193 Additional information in case of non-life insurance offered under right of establishment or freedom to provide servicesLife insurance (reg. 194)Regulation 194 Cancellation periodPart 14 Provisions specific to non-life insurance (regs. 195-211)Chapter 1 General provision (reg. 195)Regulation 195 Policy conditionsChapter 2 Community co-insurance (reg. 196-203)Regulation 196 Community co-insurance operationsRegulation 197 Rules that are to apply only to leading insurance undertakingRegulation 198 Participation in Community co-insuranceRegulation 199 Technical provisionsRegulation 200 Statistical dataRegulation 201 Treatment of co-insurance contracts in winding-up proceedingsRegulation 202 Exchange of information between supervisory authoritiesRegulation 203 Co-operation on implementationChapter 3 Legal expenses insurance (regs. 204-210)Regulation 204 Scope of ChapterRegulation 205 Separate contractsRegulation 206 Management of claimsRegulation 207 Free choice of lawyerRegulation 208 Exception to free choice of lawyerRegulation 209 ArbitrationRegulation 210 Conflict of interestChapter 4 Health insurance (reg. 211)Regulation 211 Health insurance as an alternative to social securityPart 15 Provisions specific to life insurance (reg. 212)Regulation 212 Premiums for new businessPart 16 Provisions specific to reinsurance (regs. 213-214)Regulation 213 Finite reinsuranceRegulation 214 Special purpose vehiclesPart 17 Supervision of insurance and reinsurance undertakings in a group (regs. 215-268)Chapter 1 Definitions and scope (regs. 215-220)Regulation 215 DefinitionsRegulation 216 Cases of application of group supervisionRegulation 217 Scope of group supervisionRegulation 218 Ultimate parent undertaking at EU levelRegulation 219 Ultimate parent undertaking at national levelRegulation 220 Parent undertaking covering several Member StatesChapter 2 Financial position (regs. 221-247)Group solvency (regs. 221-244)Regulation 221 Supervision of group solvencyRegulation 222 Frequency of calculationRegulation 223 Choice of method of calculationRegulation 224 Inclusion of proportional shareRegulation 225 Elimination of double use of eligible own fundsRegulation 226 Elimination of the intra-group creation of capitalRegulation 227 ValuationRegulation 228 Related insurance undertakings and reinsurance undertakingsRegulation 229 Intermediate insurance holding companiesRegulation 230 Equivalence concerning related third-country insurance undertakings and reinsurance undertakingsRegulation 231 Related credit institutions, investment firms and financial institutionsRegulation 232 Non-availability of necessary informationRegulation 233 Calculation method 1 (default method): accounting consolidation-based methodRegulation 234 Group internal modelRegulation 235 Transitional measure on partial internal group modelRegulation 236 Group capital add-onRegulation 237 Calculation method 2 (alternative method): deduction and aggregation methodRegulation 238 Group solvency of insurance holding company or mixed financial holding companyRegulaion 239 Subsidiaries of insurance or reinsurance undertaking: conditionsRegulation 240 Subsidiaries of insurance or reinsurance undertaking: decision on applicationRegulation 241 Subsidiaries of insurance or reinsurance undertaking: determination of Solvency Capital RequirementRegulation 242 Subsidiaries of an insurance or reinsurance undertaking: non-compliance with the Solvency and Minimum Capital RequirementsRegulation 243 Subsidiaries of insurance or reinsurance undertaking: end of derogations for subsidiaryRegulation 244 Subsidiaries of an insurance holding company or mixed financial holding companyRisk concentration and intra-group transactions (regs. 245-246)Regulation 245 Supervision of risk concentrationRegulation 246 Supervision of intra-group transactionsRisk management and internal control (reg. 247)Regulation 247 Supervision of system of governanceChapter 3 Measures to facilitate group supervision (regs. 248-263)Regulation 248 Group supervisorRegulation 249 Rights and duties of group supervisor and other supervisorsRegulation 250 Co-operation and exchange of information between supervisory authoritiesRegulation 251 Consultation between supervisory authoritiesRegulation 252 Requests from group supervisor to other supervisory authoritiesRegulation 253 Co-operation with authorities responsible for credit institutions and investment firmsRegulation 254 Professional secrecy and confidentialityRegulation 255 Access to informationRegulation 256 Annual and quarterly information: transitional deadlinesRegulation 257 Verification of informationRegulation 258 Group solvency and financial condition reportRegulation 259 Group solvency and financial condition report: transitional deadlinesRegulation 260 Group structureRegulation 261 Persons running insurance holding companies and mixed financial holding companies to be fit and properRegulation 262 Qualifications, reputation and experience of persons running insurance holding companies and mixed financial holding companiesRegulation 263 Enforcement measuresChapter 4 Third countries (regs. 264-267)Regulation 264 Parent undertakings outside EU: verification of equivalenceRegulation 265 Parent undertakings outside EU: equivalenceRegulation 266 Parent undertakings outside EU: absence of equivalenceRegulation 267 Parent undertakings outside EU: levelsChapter 5 Mixed-activity insurance holding companies (reg. 268)Regulation 268 Intra-group transactionsPart 18 Reorganisation and winding-up of insurance undertakings (regs. 269-299)Chapter 1 Scope and definitions (regs. 269-270)Regulation 269 Scope of PartRegulation 270 DefinitionsChapter 2 Reorganisation measures (regs. 271-274)Regulation 271 Adoption of reorganisation measures - applicable lawRegulation 272 Information to supervisory authoritiesRegulation 273 Publication of decisions on reorganisation measuresRegulation 274 Information to known creditors - right to lodge claimsChapter 3 Winding-up proceedings (regs. 275-284)Regulation 275 Commencement of winding-up proceedingsRegulation 276 Information to supervisory authoritiesRegulation 277 Treatment of insurance claimsRegulation 278 Provisions supplementary to Regulation 277Regulation 278A Provisions supplementary to Regulations 277 and 278Regulation 279 Withdrawal of authorisationRegulation 280 Publication of decisions on winding-up proceedingsRegulation 281 Information to known creditorsRegulation 282 Right to lodge claimsRegulation 283 Languages and formRegulation 284 Regular information to creditorsChapter 4 Common provisions (regs. 285-299)Regulation 285 Effects on certain contracts and rightsRegulation 286 Rights in rem of third partiesRegulation 287 Reservation of titleRegulation 288 Set-offRegulation 289 Regulated marketsRegulation 290 Regulations 286 to 289: savingsRegulation 291 Detrimental actsRegulation 292 Protection of third-party purchasersRegulation 293 Lawsuits pendingRegulation 294 Administrators and liquidators: proof of appointmentRegulation 295 Administrators and liquidators: exercise of powers in other Member StatesRegulation 296 Administrators and liquidators: exercise of powers in the StateRegulation 297 Registration in public registerRegulation 298 Professional secrecyRegulation 299 Treatment of branches of third-country insurance undertakingsPart 19 Other provisions (regs. 300-318)Chapter 1 Offences (regs. 300-306)Regulation 300 Offence of making false or misleading application for authorisationRegulation 301 Advertising offenceRegulation 302 Offence of providing false or misleading informationRegulation 303 Liability of officers of undertaking for offences committed by undertakingRegulation 304 Summary proceedingsRegulation 305 Penalties for offencesRegulation 306 Continuing contraventionChapter 2 Co-operation, fees and notices (regs. 307-309)Regulation 307 Co-operation between Member States and CommissionRegulation 308 Bank's power to charge feesRegulation 309 Service of notice or other document by the BankChapter 3 Amendments (regs. 310-318)Regulation 310 Insurance Act 1936Regulation 311 Amendments of Central Bank Act 1942Regulation 312 Amendment of Insurance Act 1964Regulation 313 Amendments of Insurance (No. 2) Act 1983Regulation 314 Amendments of Insurance Act 1989Regulation 315 Amendment of Central Bank Act 1997Regulation 316 Amendment of Companies Act 2014Regulation 317 Amendment of European Communities (Fourth Motor Insurance Directive) Regulations 2003Regulation 318 Transitional provisionsSchedule 1 Classes of non-life insuranceSchedule 1, Part 1 ClassesSchedule 1, Part 2 Authorisations for more than one class of insuranceSchedule 2 Classes of life insuranceSchedule 3 Solvency Capital Requirement (SCR) Standard FormulaSchedule 3, Part 1 Calculation of the Basic Solvency Capital RequirementSchedule 3, Part 2 Calculation of the non-life underwriting risk moduleSchedule 3, Part 3 Calculation of the life underwriting risk moduleSchedule 3, Part 4 Calculation of the market risk moduleGiven under
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Regulation 194 Cancellation period
(1) A person who has concluded a contract for an individual life insurance policy is entitled to cancel the policy by giving notice of cancellation to the undertaking within the period of 30 days beginning after the date on which the person is informed that the contract has been concluded.
(2) The giving of notice of cancellation by a person shall have the effect of releasing the person from any future obligation arising from the contract.
(3) The other legal effects and the conditions of cancellation shall be determined by the law applicable to the contract, particularly as regards the arrangements for informing a person that the contract has been concluded.
(4) For this purpose, where the law of the State is applicable to the contract -
(a) a person shall be deemed to be informed that a contract has been concluded when the policy is delivered to the person who submitted the proposal for the insurance or, if the policy is sent directly to that person by post, the date on which the policy is posted,
(b) the notice of cancellation referred to in paragraph (1) shall expressly indicate that the person has withdrawn from the proposed contract,
(c) a notice of cancellation referred to in paragraph (1) shall be deemed to be served on the undertaking at the time when such notice is posted to an address specified by the undertaking,