Dáil Éireann Debate, Wednesday - 30 April 2014
81. Deputy Michael McGrath asked the Minister for Finance the number of firms licenced to sell motor and general insurance here; the number that are regulated here for prudential purposes; the number that are regulated here for conduct of business purposes; and if he will make a statement on the matter. [19152/14]
View answerUnder EU law which governs non-life insurance, an insurer is required to inform the regulator in its home Member State (its home regulator) that it intends to pursue business in another Member State. The home regulator must then provide the host regulator with a certificate attesting that the insurer covers the EU Solvency Capital Requirement, as well as the nature of the business which the insurer intends to undertake. The insurer may start to pursue business from the date that the certificate is communicated to the host regulator, in this case the Central Bank of Ireland.
The table sets out the number of firms licensed to sell motor and general insurance in Ireland and the number that are regulated here for prudential purposes. The number of insurance firms that are regulated here for conduct of business rules is 744.
|
- |
Number of Insurers which sell motor and general insurance |
Gross Written Premium |
|
Prudentially regulated in Ireland which write Irish risk |
45 |
€1.9bn |
|
Prudentially regulated in Ireland which do not write Irish risk |
67 |
€12.5bn |
|
Total |
112 |
€14.4bn |
