Vol. 515 No. 3
92 Mr. J. O'Keeffe asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the difficulties which have arisen for some owners of fishing boats in claiming on their insurance policies after loss; if she has satisfied herself with the regulatory regime in relation to insurance agents and to rein surance arrangements and if she will make a statement on the matter. [5893/00]
I can confirm that I have received correspondence concerning the difficulties which have arisen for some owners of fishing boats. I am having the individual cases examined at present. I cannot stress too much the importance of placing insurance with or through EU-authorised companies. No direct life or non-life insurer may operate within the EU unless they are authorised to do so. My Department can quickly confirm to anyone seeking insurance, whether a company is authorised within the EU.
By contrast, most EU countries, including Ireland, do not authorise or supervise reinsurance companies at present. However, in Ireland we are introducing measures which will subject reinsurance companies registered in Ireland to authorisation and supervision procedures.
The majority of the reinsurance companies registered in Ireland contribute positively to Ireland's international reputation as a high quality financial services centre. One reinsurance company, not based in the IFSC, has been the subject of unfavourable reports for some time, including reports in the Irish media. I am also aware of a number of IRNR, Irish registered, non-resident, companies registered as reinsurance brokers, whose activities have also given rise to concern, particularly in the area of marine insurance. As far as can be ascertained the companies concerned operate exclusively outside of Ireland.
In addition to the company law measures which have been taken to address the general IRNR issue, I have introduced regulations under the Insurance Act, which came into effect at the end of December 1999, which prescribe a detailed form of notification to be completed by new reinsurance companies.
Also, the existing arrangement, whereby the Companies Registration Office will not register a new reinsurance company until it has been vetted by our Department's insurance division has been reinforced. Finally, the new Insurance Bill, which is currently before the Dáil, provides that the information to be provided by reinsurance companies under last year's regulations must be updated annually. It also brings reinsurance brokers within the new statutory system of supervision of insurance intermediaries. It also makes provision for the possible introduction at a future date of a statutory system of detailed authorisation and supervision of reinsurance companies, on the lines of the system that currently applies to insurance companies.
