The EU Solvency II Directive (2009/138/EC) was transposed into domestic Irish law by the European Union (Insurance and Reinsurance) Regulations 2015.(1)
The Solvency II regime provides welcome clarity regarding the functions that
an insurer may outsource and the requirements which must be complied with before outsourcing.
This is particularly welcome news for those insurers which rely heavily on outsource service providers.
Where a critical or important function or activity is being outsourced, prior notification must be made to the Central Bank in a timely manner (at least six weeks before the outsourcing is due to come into effect).
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