The object of this Bill is to transpose the provisions of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast), (the "Solvency II Directive"), and Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), (the "Omnibus II Directive"), by amending the Insurance Business Act (Cap. 403), and also to provide for matters incidental and ancillary thereto. The proposed amendments to the Insurance Intermediaries Act
(Cap. 487) and the Companies Act (Cap.386) are consequential to the amendments proposed to the Insurance Business Act, and are deemed necessary to ensure consistency in the legislation.