Michael Noonan (Limerick City, Fine Gael)
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I move amendment No. 19:

In page 15, between lines 24 and 25, to insert the following:“Deemed authorisation

19. (1) An insurance undertaking authorised under the European Communities (Non-Life Insurance) Regulations 1976 (S.I. No. 115 of 1976) that—

(a) is a relevant undertaking on the commencement of this section, and

(b) is not deemed authorised under the Solvency II Regulations,

shall be deemed to be authorised under the Non-Life Regulations.

(2) An insurance undertaking authorised under the European Communities (Life Assurance) Regulations 1984 (S.I. No. 57 of 1984) that—

(a) is a relevant undertaking on the commencement of this section, and

(b) is not deemed authorised under the regulations made under the Solvency II Regulations,

shall be deemed to be authorised under the Life Regulations.

(3) An insurance undertaking that, at any time after the commencement of this section, ceases to be an undertaking to which Title I, II or III of the Solvency II Directive applies and becomes a relevant undertaking, shall—

(a) in the case of an insurance undertaking which carries on life insurance business, be deemed to be authorised under the Life Regulations, and

(b) in the case of an insurance undertaking which carries on non-life insurance business, be deemed to be authorised under the Non-Life Regulations.”.

This amendment adds a new section which ensures that any insurance undertakings which are outside the scope of Solvency II and which were authorised under the 1976 and 1984 regulations, the regulations giving effect to the first non-life and life directives, respectively, are deemed authorised under the 1994 life or non-life regulations which are being continued by this Bill. The section further ensures that insurance undertakings which fall outside the scope of Solvency II, subsequent to the Solvency II transposing regulations coming into force, will be deemed to hold their authorisation under those same 1994 regulations.