Vol. 441 No. 5
110 Mr. Kirk asked the Minister for Enterprise and Employment if his attention has been drawn to recent newspaper reports (details supplied) of the British life insurance industry that the industry regulator (details supplied) found 800 salespersons with a company (details supplied) were insufficiently qualified to provide sound financial advice to customers; and if he will give details of the regulatory arrangements for the industry in Ireland.
Life insurance policies are sold in this country by insurance intermediaries and by employees of insurers.
Insurance intermediaries are regulated in accordance with the provisions of Part IV of the Insurance Act, 1989. These provisions provide for a system of self-regulation under which insurers are required to satisfy themselves that any intermediary to whom they grant an agency or pay commission is complying with the regulatory requirements. The provisions of Part IV of the Act are kept under regular review.
Sales employees of insurance companies are not subject to statutory regulation. However, I am advised by the insurance industry that all life companies in Ireland operate training programmes for their sales employees.
