The Insurance Bill was discussed at length during the last year and a half with the various interest groups involved, including the Professional Insurance Brokers Association. It was signed into law on 20 December 2000, becoming the Insurance Act, 2000. A commencement order was subsequently made bringing into effect various sections of the Act. The part which amended the Investment Intermediaries Act, 1995, to allow for the transfer of regulatory responsibility for insurance intermediaries to the Central Bank came into effect on 1 April 2001. I understand that the Central Bank issued consultation documents and engaged in intensive consultations with the insurance brokers associations in relation to the bank's taking up of regulatory responsibility for insurance intermediaries.
While the regulation of insurance intermediaries is now strictly a matter for the Central Bank and the Department of Finance, I recently chaired a meeting, attended by representatives of the insurance brokers associations and other interested parties, held in the context of further consultations being undertaken by the Central Bank. This meeting was a very valuable contribution to the process of consultation undertaken by the Central Bank. I understand the bank is now finalising the codes of practice, having made significant changes to them, based on the views expressed by the interested parties.
