Dáil Éireann Debate, Wednesday - 26 February 2014
57. Deputy Michael McGrath asked the Minister for Finance the relevant legislation which covers the regulation of the insurance sector and the rights of consumers in respect of insurance policies; and if he will make a statement on the matter. [9877/14]
View answerThe insurance sector is regulated by the Central Bank of Ireland under the Central Bank Act 1942 and the treatment of consumers of insurance products is governed by the Consumer Protection Code 2012. The Central Bank of Ireland has additional responsibilities in relation to Branch establishments of European Economic Area (EEA), authorised Life/Non-Life Insurance undertakings; EEA authorised Life/Non-Life Insurance undertakings conducting business by way of services and third country branch establishments. The Central Bank's Consumer Protection Code is issued pursuant to powers under the following legislation: Section 117 of the Central Bank Act 1989; Section 23 and Section 37 of the Investment Intermediaries Act 1995; Section 8H of the Consumer Credit Act 1995; and section 61 of the Insurance Act 1989. The Central Bank has the power to administer sanctions for a contravention of this Code, under Part IIIC of the Central Bank Act 1942.
