(This note is not a part of the Instrument and does not purport to be a legal interpretation)
These Regulations consolidate the European Communities (Supplementary Supervision of Insurance Undertakings in an Insurance Group) Regulations, 1999 (S.I. No. 399 of 1999) and the European Communities (Supplementary Supervision of Insurance Undertakings in an Insurance Group) (Amendment) Regulations 2004 (S.I. 731 of 2004) which introduced additional regulatory requirements for insurance companies which are part of an insurance group. These requirements include an obligation to provide information to the supervisory authorities on intra-group transactions and, in certain cases, to demonstrate compliance with additional solvency tests.
They also give effect to provisions in Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amends Directive 98/78/EC of the European Parliament and of the Council in order to ensure that reinsurance undertakin
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