asked the Minister for Industry and Commerce when he proposes to make an order bringing into operation the part of the Insurance Act, 1936 which requires the Minister for Finance thereafter to take immediate steps to procure the formation of the Re-Insurance Company of Ireland, Limited, and the reason for the delay of nearly twenty-five years in bringing this part of the Insurance Act into operation.
Ceisteanna—Questions. Oral Answers. - Re-Insurance Company of Ireland, Limited.
9.
At the time of the passing of the Insurance Act, 1936 an arrangement was made under which the British tariff offices undertook to pass a considerable volume of re-insurance business to the Irish insurance companies. The advantages which would thus accrue to the Irish companies were superior to those which would have resulted from the establishment of a State re-insurance company. In the circumstances, the Part of the Insurance Act, 1936 relating to the establishment of such a company has not been brought into operation.
The review of insurance legislation, which is being carried out at the present time, will include an examination of the arrangements concerning re-insurance cessions as between the foreign and Irish insurance companies.