A Life Insurance Undertaking subject to Solvency II is an undertaking authorised under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), to carry on Life Insurance business. A Life Insurance Undertaking not subject to Solvency II is an undertaking authorised under the European Communities (Life Assurance) Framework Regulations, 1994 S.I. No. 360 of 1994), to carry on Life Insurance business.