Vol. 448 No. 6
201 Mr. Hughes asked the Minister for Enterprise and Employment whether his Department is notified of all insurance companies which are regulated in one country to enable it to conduct and transact business in this country; the action, if any, he proposes to take against those brokers who place a client with a non authorised company; and the steps, if any, he proposes to take to protect the public against such unlawful practices. [2536/95]
Any insurance company authorised in another member state of the European Union that intends to carry on insurance business in this country either by way of a branch establishment or by way of cross-border services must comply with the appropriate statutory notification requirements contained in the European Communities (Non-life Insurance) Framework Regulations, 1994 or, as the case may be, the European Communities (Life Assurance) Framework Regulations, 1994 implemented under S.I. No. 359 of 1994 and S.I. No. 360 of 1994. respectively.
My Department will investigate any allegations or complaints it receives regarding the placing of insurance business with a non-authorised entity and if its formal inquiries establishment that a breach of the Insurance Acts may have occurred, a report will be forwarded by the Department to the Director of Public Prosecutions for consideration. In this regard, I would refer the Deputy to the following press release issued by my Department on 22 December 1994, relating to recent investigations into allegations of non-authorised insurance business.
The following is the press release:
