Vol. 511 No. 6
129 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the number of inspections carried out on insurance companies which are regulated by her Department; and if she will make a statement on the matter. [25245/99]
Our Department's system of prudential supervision of insurance companies is based primarily on the examination of the detailed financial returns which they must make to us each year, complemented by written correspondence and meetings with company representatives. In respect of the 1998 financial year, all of the returns received were subjected to tests to show that each company had an adequate solvency margin. The returns of 82 companies – 77 per cent of the total – were subjected to more detailed scrutiny. Queries arising from a number of these examinations were dealt with in writing, orally and in meetings with company representatives either in our Department or at the offices of the companies concerned.
In addition, in 1998, a detailed examination of sales practices and sales conduct in Irish Life was undertaken by our departmental officials. The report of this examination was published by the insurance division earlier this year.
