Vol. 484 No. 3
115 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the regulatory changes, if any, she proposes regarding the insurance industry and particularly the motor insurance industry; and if she will make a statement on the matter. [22308/97]
In recent years, regulation of the insurance industry is mainly driven by developments at EU level in relation to the adoption of insurance directives and their ultimate implementation into domestic law. Domestic regulation in relation to motor insurance is pursued as part of the overall regulation of non-life insurance undertakings and is also affected by measures adotped at EU level.
With regard to recent developments, a directive on supervision of insurance undertakings in a group will shortly be adopted as an A point by the Council of Ministers, which will necessitate the implementation of regulations empowering supervisors to scrutinise the balance of group assets and liabilities to ensure that the group's financial performance does not undermine the solvency of individual insurers in the group. Other work under way at present in Brussels includes discussions on a draft directive on the winding-up of insurers and on a review of the solvency margin which will eventually give rise to the need for Irish legislation. At present, no other legislation is envisaged in respect of financial supervision.
