Dáil Éireann Debate, Tuesday - 1 October 2013
191. Deputy Arthur Spring asked the Minister for Finance the period of notice that an international insurance company licensed in Ireland is obliged to give to a consumer prior to that company's withdrawal from the Irish market; if the company is obliged to notify the consumer directly as opposed to notifying the brokers; and if he will make a statement on the matter. [40620/13]
View answerAt the outset, the Deputy should note that in my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation, including insurance. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions.
I have made enquires with the Bank and they have informed me that according to Chapter 3.11 of the consumer protection code 2012 ‘where a regulated entity intends to cease operating, merge with another, or to transfer all or part of its regulated activities to another regulated entity it must:
a) notify the Central Bank immediately;
b) provide at least two months’ notice to affected consumers to enable them to make alternative arrangements;
c) ensure all outstanding business is properly completed prior to the transfer, merger or cessation of operations or, alternatively in the case of a transfer or merger, inform the consumer of how continuity of service will be provided following the transfer or merger; and
d) in the case of a merger or transfer of regulated activities, inform the consumer that their details are being transferred to the other regulated entity, if that is the case’.
