Page Contents
Domestic
European
Related areas
Central Bank of Ireland issues final quarterly insurance newsletter of 2025
The Central Bank of Ireland (CBI) has published its final quarterly insurance newsletter of 2025, covering a variety of topics, insights and updates for the (re)insurance sector. In particular, it sets out the CBI’s supervisory insights from the thematic reviews on operational resilience in the fife sector, anti-money laundering and countering the financing of terrorism (AML/CFT) governance in cross border life firms and climate change materiality assessments. The newsletter also looks at key findings from US Social Inflation Survey.
On operational resilience in the life sector, the CBI noted that firms have laid the foundations for robust frameworks, although enhancements are needed in areas such as governance to align with evolving standards like DORA.
Regarding AML/CFT governance in cross border life firms, the newsletter highlights satisfactory compliance overall but identifies certain gaps including:
Finally, on the issue of climate change materiality assessments, the newsletter stresses that firms must adopt an iterative approach, define baseline scenarios, and integrate findings into business strategy and risk appetite. Conclusions regarding risk materiality must be clear and encompass first and second order impacts.
Health Insurance (Amendment) Act 2025 signed into law
On 10 December 2025, the Health Insurance (Amendment) Act 2025 (the 2025 Act) was signed into law. The 2025 Act makes certain amendments to the Health Insurance Act 1994 (the 1994 Act), including:
EIOPA proposal for natural catastrophe risk awareness and prevention tool
In response to increasing prevalence of extreme weather and associated events (e.g. floods) on 3 December 2025, the European Insurance and Occupational Pensions Authority (EIOPA) issued a proposal for a natural catastrophe risk awareness and prevention tool, PROTECT. This tool seeks to help property owners strengthen their buildings’ resilience against extreme weather events by increasing understanding of exposures/risks and offering advice on how to reduce those risks. Discussions are ongoing at European level but ultimately, it is hoped that PROTECT will provide users with:
EIOPA issues new and updated guidance on group supervision, related undertakings and the assessment of internal models
EIOPA has issued new guidelines on exclusions from group supervision, updated guidelines on the treatment of related undertakings, and a revised opinion on the supervisory assessment of internal models incorporating dynamic volatility adjustments. These updates stem from the recent Solvency II review and aim to simplify and streamline legislative requirements for insurers and supervisors while maintaining robust oversight. The guidelines on exclusions seek to ensure consistent application across the EEA and deliver sufficient levels of protection for all policyholders.
EIOPA opens consultations on revised guidelines on group solvency calculations and on reporting
EIOPA has opened consultations on draft revised guidelines covering group solvency, supervisory reporting and public disclosure. These updates form part of the Solvency II review, which seeks to align existing guidelines with the amended framework while simplifying and reducing complexity for insurers and supervisors without weakening oversight. The revised group solvency guidelines update the original 2015 text to reflect changes in Solvency II and clarify solvency calculations. Similarly, the reporting and disclosure guidelines, which set minimum content for regular supervisory reports and solvency and financial condition reports (SFCR), have been updated to accommodate the new SFCR structure. EIOPA invites stakeholders to submit feedback by 27 February 2026.
EIOPA updates reference portfolios used to calculate the volatility adjustment to the Solvency II risk-free rate term structures
EIOPA has published updated reference portfolios for calculating the volatility adjustment (VA) to risk-free interest rate term structures under Solvency II. These revised portfolios will be applied for the end-March 2026 VA calculation, scheduled for publication in early April 2026, and are reflected in the updated RFR technical documentation. Released three months in advance, the update gives (re)insurers sufficient time to prepare. The portfolios are based on end-2024 annual reporting data submitted by European (re)insurance undertakings and aim to provide a more accurate representation of market volatility within the Solvency II framework. EIOPA updates these portfolios annually, with the next revision planned for late 2026.
EIOPA launches a new set of consultation papers in relation to the implementation of EU’s insurance recovery and resolution framework
EIOPA has launched seven consultations on policy instruments supporting the implementation of the EU’s Insurance Recovery and Resolution Directive. The draft papers include proposed guidelines and regulatory technical standards covering key areas such as scenarios and indicators for pre-emptive recovery plans, criteria for simplified obligations, and methodologies to ensure the independence of valuers during resolution. These consultations build on two earlier rounds and introduce further measures on information provision, contractual recognition of resolution stay powers, and valuation of derivative liabilities. EIOPA invites stakeholders to submit feedback by 10 March 2026.
Date published: 21 January 2026
This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.