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Insurance Group newsletter, December 2015
Welcome to the Insurance Group's December newsletter
In this newsletter, we provide you with an update of some important legal, regulatory and industry developments which may be of interest to you and your business.
The European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No.485/2015) were signed by the Minister for Finance on 4 November 2015, transposing the Solvency II Directive into Irish law.
In advance of Solvency II implementation, the Central Bank’s Fitness and Probity Regime was reviewed to determine its compatibility with the Solvency II regime.
The Central Bank has recently published the Corporate Governance Requirements for Insurance Undertakings 2015 and the Corporate Governance Requirements for Captive Insurance and Captive Reinsurance Undertakings 2015.
In a recent keynote speech, Chairman of EIOPA, Gabriel Bernardino, stated that supervisory convergence amongst National Competent Authorities will be its primary strategic objective, in the wake of Solvency II implementation.
The EU Commission has granted Bermuda full third country equivalence under Solvency II in its delegated decision of 26 November 2015. Japan has been granted temporary equivalence under Article 172(4) of the directive, which relates to reinsurance, and provisional equivalence under Article 227(5), which relates to group solvency.
The Council of the EU has adopted the text of the Insurance Distribution Directive.
The upcoming implementation of the Insurance Act 2015 marks the first significant reform of commercial insurance law in the UK in over a century. We explain the reforms and consider the significance for Irish insurers and policyholders.
In McCabe v Irish Life Assurance Plc the Court of Appeal overturned a previous decision of the High Court and has encouraged greater use of interrogatories in litigation as a cost savings measure while dispelling the notion that interrogatories may be unsuitable for deployment in insurance coverage disputes.
With effect from 1 November 2015, contractors providing security services as a private investigator require a licence from the Private Security Authority. It is now an offence for a person to engage an unlicensed private investigator.
On 5 November 2015, the Court of Appeal delivered its much anticipated judgment in Russell v HSE, a case which considered the “real rate of return” discount to be applied to an injured plaintiff’s future care costs. This decision is likely to impact reserves with a knock-on effect on premiums.
A number of recent High Court decisions have confirmed that third party rights against insurers in Ireland are restricted. A recent High Court decision provides further comfort for insurers in the context of solicitors professional indeminity insurance.