The Update contains a summary of recent developments in insurance regulation, law and practice. Topics covered include the Central Bank's notice regarding submission of new compliance statements by (re)insurers, the Central Bank's service report on fitness and probity, the publication of the Financial Services Ombudsman levies, an update on the progress of Omnibus II and IMD2, EIOPA's report on standard formula design and calibration, and EIOPA's answers to questions on the Solvency II Guidelines.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.