European Union: Insurance

Whether you are an entrepreneur, an existing insurance professional or an international group looking to establish an insurance intermediary in Cyprus, it is essential to understand the licensing process, the legal requirements and the ongoing regulatory obligations before commencing operations.

The Insurance (Disregard of Certain Medical History and Miscellaneous Provisions) Act 2026 introduces sweeping changes to the Central Bank of Ireland's regulatory powers over insurers and reinsurers. Beyond the widely discussed "right to be forgotten" provisions for cancer survivors seeking mortgage protection, the legislation fundamentally expands the grounds on which the Central Bank can petition for winding-up orders and extends these powers to cover reinsurers for the first time.

The Central Bank of Ireland has launched Consultation Paper 171, proposing significant refinements to its domestic actuarial regime and guidance for insurance and reinsurance undertakings. These changes affect the Head of Actuarial Function role, reserving policies, peer review requirements, and various life and non-life specific elements, with the consultation open for submissions until October 2026.

The key provisions introducing Ireland’s statutory “right to be forgotten” regime for cancer survivors are due to come into operation on 15 October 2026, following the making of the relevant commencement order by the Irish Government.

A small pod of Iberian orcas has been interacting with vessels in the Strait of Gibraltar and Gulf of Cadiz since 2020, causing significant damage to some yachts and even sinking six vessels. What are the legal obligations for yacht owners navigating these waters, and how can they protect themselves both during encounters and in terms of insurance coverage?

The European Union has extensively Europeanized the insurance single market through frameworks like Solvency II and the new IRRD, yet policyholder protection in insolvency cases remains largely national. EIOPA's final recommendation on minimum standards for Insurance Guarantee Schemes raises a critical question: can Europe continue to allow cross-border insurance passporting without greater harmonization of policyholder protection?