The European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015) establish a comprehensive regulatory framework for insurance and reinsurance undertakings operating within the EU. These Regulations, which replace previous frameworks, aim to ensure financial stability, protect policyholders, and promote transparency in the insurance market. Key provisions cover authorisation requirements, governance structures, solvency capital requirements, and compliance obligations, with a focus on maintaining robust supervisory standards across member states.

Moreover, the Regulations specify conditions for the establishment of branches by insurance undertakings, the handling of cross-border transactions, and the responsibilities regarding technical provisions. These measures facilitate a clear operational environment for both existing and new entities in the insurance sector, enhancing the overall integrity of financial services.