Vol. 420 No. 6
25 Mr. R. Bruton asked the Minister for Industry and Commerce the number of overseas insurance companies which have expressed an interest in receiving a licence to operate in Ireland; the number of these to whom a licence has been granted; and if he will make a statement on the matter.
Following the implementation of the Second EC NonLife Insurance Directive into Irish law in June, 1991, 86 EC insurance companies have sought to write insurance business into Ireland on a service basis. Almost all of these companies are interested in the coverage of large commercial risks only and the principal requirement for writing such business is that they submit a certificate from the Supervisory Authority of the Member State in which their Head Office is situated confirming that they are solvent. Eighty-five companies have already supplied the necessary certificate and are now free to write large commercial risks business. For business other than large risks, which are defined in the Regulations, an administrative authorisation is required. Only one such authorisation has been granted and there is one application under examination.
