S.I. No. 158/2020 - European Union (Insurance and Reinsurance) (Amendment) Regulations 2020

1. (1) These Regulations may be cited as the European Union (Insurance and Reinsurance) (Amendment) Regulations 2020.

(2) These Regulations come into operation on 30 June 2020.

2. The European Union (Insurance and Reinsurance) Regulations 2015 (

S.I. No. 485 of 2015

) are amended -

(

a

) in Regulation 3, by the substitution of the following definition for the definition of “the Directive”

“ ‘the Directive’ means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009

1

on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II) as amended by Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011

3

, Directive 2012/23/EU of the European Parliament and of the Council of 12 September 2012

4

, Council Directive 2013/23/EU of 13 May 2013

5

, Directive 2013/58/EU of the European Parliament and of the Council of 11 December 2013

6

, Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014

7

, Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016

8

, Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017

9

, Directive 2018/843/EU of the European Parliament and of the Council of 30 May 2018

10

and Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019

2

;”,

and

(

b

) in Regulation 88(8), by the substitution of “85 basis points” for “100 basis points”.

GIVEN under the Official Seal of the Minister for Finance,

1 May, 2020.

PASCHAL DONOHOE,

Minister for Finance.

1 OJ No. L 335, 17.12.2009, p. 1

2 OJ No. L 334, 27.12.2019, p. 155

1 OJ No. L 335, 17.12.2009, p. 1

3 OJ No. L 326, 8.12.2011, p. 113

4 OJ No. L 249, 14.9.2012, p. 1

5 OJ No. L 158, 10.6.2013, p. 362

6 OJ No. L 341, 18.12.2013, p. 1

7 OJ No. L 153, 22.5.2014, p. 1

8 OJ No. L 354, 23.12.2016, p. 37

9 OJ No. L 347, 28.12.2017, p. 35

10 OJ No. L 156, 19.6.2018, p. 43

2 OJ No. L 334, 27.12.2019, p. 155

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

8

th May,

2020.

The Minister for Finance, in exercise of the powers conferred on him by

section 3

of the

European Communities Act 1972

(No. 27 of 1972) and for the purpose of giving further effect to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009

1

as amended by Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019

2

, hereby makes the following regulations