Dáil Éireann díospóireacht -
Tuesday, 30 Nov 1999

Vol. 511 No. 6

Written Answers. - Insurance Legislation.

Nora Owen

Ceist:

130 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the plans, if any, she has to introduce legislation on the insurance industry before there is agreement on the principle which will guide the establishment of the single financial regulator in view of the fact this regulator may have responsibility for the insurance industry; and if she will make a statement on the matter. [25246/99]

Nora Owen

Ceist:

131 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the plans, if any, she has to include insurance companies and not just insurance brokers in the proposed new insurance legislation; and if she will make a statement on the matter. [25247/99]

Tánaiste and Minister for Enterprise, Trade and Employment (Ms Harney)

I propose to take Questions Nos. 130 and 131 together.

Drafting has recently concluded in my Department on an insurance Bill which has the following purposes: (a) to allocate regulatory responsibility for insurance intermediaries to the Central Bank of Ireland and to utilise the regulatory powers available to the bank under the Investment Intermediaries Act, 1995; (b) to enable the Minister to make disclosure regulations to require insurance undertakings and intermediaries to make relevant information of a specified nature available to insurance consumers; (c) to prescribe a system of notification by reinsurance undertakings and to enable the Minister to make regulations for the authorisation and supervision of reinsurance undertakings and (d) to update existing provisions for offences and penalties and to enhance the powers of "authorised officers" for the purposes of the Insurance Acts and regulations.

Work on this Bill commenced separately and well in advance of the establishment of the implementation advisory group for the single regulatory authority. I am satisfied that the enactment of the legislation will have no implications for either the functions or structure of the proposed authority.

I am confident that the Bill will be published early next month.