Vol. 506 No. 5
43 Mr. G. Mitchell asked the Tánaiste and Minister for Enterprise, Trade and Employment when the new disclosure regulations for the insurance industry will be published; if she has taken on board the concerns expressed by small insurance brokers; and if she will make a statement on the matter. [15767/99]
89 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment when the new disclosure regulations for the insurance industry will be published; if she has taken on board the concerns expressed by small insurance brokers; and if she will make a statement on the matter. [15866/99]
I propose to take Questions Nos. 43 and 89 together.
The draft life assurance disclosure regulations are currently undergoing legal drafting in the parliamentary draftsman's office. They will be based on a specific enabling provision in the Insurance Bill, 1999, which is due to be published later this year. I would like again to re-assure the House that extensive consultations have been held by our Department with all of the interested parties and representative bodies in regard to all aspects of the draft regulations. All of the interests concerned, including insurance brokers' representative bodies, have been given ample opportunity to furnish submissions and to seek clarification and modification, as appropriate, of the proposed regulations. Similarly, the Society of Actuaries has consulted widely in relation to the formulation and content of the accompanying actuarial guidance notes and submissions have been made to the society by insurance brokers' representatives in relation to particular aspects of the guidance notes. I have asked the society, in consultation with our officials, to consider all submissions from the point of view of the maintenance and indeed the strengthening of the equivalence concept, as between the various life assurance distribution channels and the creation of a level playing field, as far as is practicable, between providers of life assurance products.
Given the extensive consultations that have already taken place and the further on-going consultations, I would urge Deputies to allow due process to prevail in order for these consultations to proceed to finality as quickly as possible.
Matters of detail in relation to specific provisions of the regulations, can be raised and dealt with when the Bill comes before the House for its examination, when every opportunity will be given for debating the general scope and content of the legislation before it is enacted.
