1. SOLVENCY II
1.1 Solvency II Directive review: Provisional political agreement reached on proposed Solvency II amending Directive
1. SOLVENCY II 1.1 Solvency II Directive review: ECON agrees position on Solvency II Directive review On 27 July 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report on its agreed position on the Proposal for a Directive amending the Solvency II Directive1 (Proposed Directive).
On Wednesday 19 June 2024, the Irish Corporate Enforcement Authority ("CEA") published its first-ever annual report. The Annual Report covers the 18-month period from July 2022 (when it replaced and assumed the responsibilities of the Office of the Director of Corporate Enforcement) to 31 December 2023.
Supervision of corporate insolvency
The CEA has a statutory role in supervising the liquidation of insolvent companies and taking enforcement actions in respect of struck off insolvent companies.
The Irish High Court has determined that the liquidation of an Irish aircraft leasing company, which was a 100% subsidiary of a Russian company expressly subject to EU sanctions, rebuts the presumption that the company was controlled by the Russian parent for the purpose of EU sanctions.
This enables the liquidators to deal with the assets without costly and time-consuming derogation applications.
Background
TABLE OF CONTENTS SOLVENCY II EIOPA INSURANCE DISTRIBUTION DIRECTIVE (IDD) PRIIPS CENTRAL BANK OF IRELAND ANTI-MONEY LAUNDERING (AML) AND COUNTERING THE FINANCING OF TERRORISM (CFT) DATA PROTECTION FINANCIAL SANCTIONS SUSTAINABILITY MISCELLANEOUS Insurance | Quarterly Legal and Regulatory Update | 1 April 2023 – 30 June 2023 © 2023 Dillon Eustace LLP. All rights reserved. 2 11723734v1 1.
Earlier this year, a group of bondholders advised by William Fry and owed over US$175m by GTLK Europe DAC (GTLK Europe) and GTLK Europe Capital DAC (GTLK Capital) (collectively the Companies) petitioned for the winding up of the Companies on a number of grounds, including that they had failed to discharge scheduled interest payments and the accelerated debt constituted by the bonds following the interest payment defaults.
Solvency II was the most significant reform that the insurance sector has experienced in many years and while one of the benefits of Solvency II has been the strengthening and increased resilience of insurers, Solvency II was never intended as a zero-failure regime.
Background
The European Union (Insurance and Reinsurance) (Amendment) Regulations 2021 (2021 Regulations) will come into operation on 30 June 2021, giving effect to Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 (2019 Directive).
The 2019 Directive amends the Solvency II Directive (2009/138/EC), the MiFID II Directive (2014/65/EU) and the 4th Anti-Money Laundering Directive (2015/849/EU).
Our emergence from social and economic lockdown has led to much discussion around “the new normal” for our personal and business lives. In that context, the Courts Service Annual Report for 2019 (“the 2019 Report”) published in July 2020 is an opportunity to look back upon the pre-COVID-19 operation of civil and criminal litigation in the Irish courts, particularly developments on the debt recovery site.
The Irish Government is planning to take measures in the areas of settlement finality, insurance, and insurance distribution in the event of a 'no-deal Brexit'. The relevant measures are set out in Parts 7 and 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 (the “Withdrawal Bill”), which was published on 22 February 2019. These measures are in addition to a number of measures already taken at EU level.
Settlement Finality