Michael Noonan (Limerick City, Fine Gael)
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No difference, I am told. The entire reason for this Bill is the entry into force on 1 January 2016 of the Solvency II regime. This is a new EU-wide regulatory regime for the insurance sector. The directive repeals the EU directives underpinning the current insurance regulatory regime but the directive also excludes certain undertakings from the new regime. In order to ensure there are no insurance undertakings operating in Ireland from 1 January, unregulated, we have provided for that regulation by way of this Bill. This section seeks to continue the current regulatory regime for such undertakings.