On 20 March 2015, three Solvency II Implementing Regulations were published in the Official Journal of the European Union. The Regulations set out:
- The supervisory process for approving full and partial internal models, as well as major changes to a model, and changes to the policy for changing the model (2015/460);
- The process which the relevant supervisory authorities will be required to follow when they make a joint decision about a group internal model application, and the group has (re)insurers in more than one European Member State (2015/461); and
- The procedures for supervisory approval to establish a special purpose vehicle, for the cooperation and exchange of information between supervisory authorities about SPVs, and the formats and templates for supervisory reporting for SPVs (2015/462).
All three Regulations came into force on 21 March 2015, ad they are now “directly applicable” in the European Union’s Member States. In other words, they now form part of the law of every European Member State – they don’t need to be implemented in and by the Member States to become part of their respective laws first.