Vol. 432 No. 6
70 Miss Flaherty asked the Minister for Enterprise and Employment whether he has satisfied himself with the progress that has been made towards the creation of a single competitive market for insurance; and if he will make a statement on the matter.
I expect that by the end of 1994 all the appropriate domestic legislation will be in place to comply with the remaining Community Directives on Insurance.
Under the first generation of EC Directives on insurance liberalisation increased competition from Community insurers has been a reality in Ireland since 1976 for non-life insurance and 1984 for life assurance. These Directives allowed freedom of establishment for Community insurers on either a branch or head office basis in Ireland.
In June, 1991 Regulations were enacted under Statutory Instrument No. 142/1991 implementing the Second non-life services Directive which allows cross-border community-wide freedom of services for most classes of non-life insurance with the exception of third party motor liability insurance. Regulations were enacted on 20 November, 1992, under Statutory Instrument No. 244/1992, which gave effect to the Motor Insurance Services Directive. These Regulations enable EC insurers to offer motor insurance cover on a cross-border basis throughout the Community. I should point out that the special derogations which were available to Ireland for phasing in both the Second non-life services Directive and the Motor Insurance services Directive were waived in accordance with the Government's commitment to the achievement of a single insurance market.
Regulations will shortly be enacted which will give effect to the Second life assurance services Directive. These Regulations will, similarly, allow for the cross-border availability of life assurance products throughout the Community.
