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Insurance Industry Regulation

Dáil Éireann Debate, Thursday - 15 February 2018

Thursday, 15 February 2018

Ceisteanna (103, 104, 105, 106)

Hildegarde Naughton

Ceist:

103. Deputy Hildegarde Naughton asked the Minister for Finance when forms A and B ceased to be a valid registration form for IIA firms authorised to undertake insurance mediation before the commencement of the European Communities Regulations 2005; and if he will make a statement on the matter. [7920/18]

Amharc ar fhreagra

Hildegarde Naughton

Ceist:

104. Deputy Hildegarde Naughton asked the Minister for Finance when form A and B ceased to be valid registration forms; and if he will make a statement on the matter. [7921/18]

Amharc ar fhreagra

Hildegarde Naughton

Ceist:

105. Deputy Hildegarde Naughton asked the Minister for Finance the number of IIA firms authorised to undertake insurance mediation before the commencement of the IMD regulations; and the firms currently registered and those that were registered with forms A and B. [7922/18]

Amharc ar fhreagra

Hildegarde Naughton

Ceist:

106. Deputy Hildegarde Naughton asked the Minister for Finance the number of IIA firms authorised to undertake insurance mediation before the commencement of the IMD regulations that are currently registered and were registered under the current registration process; and if he will make a statement on the matter. [7923/18]

Amharc ar fhreagra

Freagraí scríofa

I propose to take Questions Nos. 103 to 106, inclusive, together.

I am advised by the Central Bank of Ireland (the Bank) that on 15 February 2007, it issued correspondence to firms authorised under the Investment Intermediaries Act, 1995 (as amended) (IIA) advising them of their requirement to register under the European Communities (Insurance Mediation) Regulations 2005 (IMR). This registration process involved the completion and submission of an appropriate registration form; Form A for those firms authorised under Section 10 of the IIA, or Form B for those firms previously deemed to be an authorised firm under the IIA.

Two subsequent letters were issued by the Bank to firms who did not return Forms A or B; on 11 February 2008 and again on 4 March 2010. The March 2010 letter provided the final opportunity for IIA authorised entities, providing insurance mediation, to avail of this registration process. Therefore, Forms A and B ceased to be valid registration forms when firms did not reply to the Bank’s correspondence of March 2010. 

Since then, all firms wishing to be registered under the IMR have been required to follow the application process which is outlined on the Central Bank’s website.

I have also been advised by the Bank that there were approximately 2,500 IIA firms authorised to undertake insurance mediation before the commencement of the IMR. There are currently 2,615 firms registered as Insurance & Reinsurance Intermediaries under the IMR. The Bank has informed me that it does not have figures available on how many of these firms were registered by completing Form A or Form B and how many were registered under the current registration process.

The register of insurance and reinsurance intermediaries maintained under the IMR includes the names of firms and the dates that they were registered with the Central Bank and it is available at this link http://registers.centralbank.ie/DownloadsPage.aspx. 

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