Dáil Éireann Debate, Wednesday - 1 June 2005
92 Mr. Stagg asked the Minister for Finance if he has received a reply to his letter to the financial regulator seeking advice on the adequacy of existing legislative and regulatory arrangements for the supervision of companies based in this country offering re-insurance; and if he will make a statement on the matter. [18298/05]
Amharc ar fhreagraThe recommendation of the financial regulator in regard to the regulation of reinsurance is to fast track the transposition of the EU Reinsurance Directive into Irish law. The EU is close to adopting a Reinsurance Directive which will significantly strengthen the regulatory environment by obliging all member states to introduce a supervisory regime for reinsurance companies, based on a modified version of the regime that applies for insurance companies.
I have accepted the advice of the financial regulator and my Department has been in contact with the Office of the Attorney General to arrange for the drafting of the necessary regulations as soon as possible. My officials will keep in contact with the Office of the Attorney General with a view to achieving satisfactory transposition of the directive by its date of entry into force.
