Dáil Éireann Debate, Tuesday - 29 May 2018
204. Deputy Michael McGrath asked the Minister for Finance the number of insurance companies operating here with a licence from the Central Bank to provide insurance policies that are not members of an organisation (details supplied); and if he will make a statement on the matter. [23670/18]
Amharc ar fhreagraThe Deputy should note that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Consequently, my Department has no role in collecting the information being sought by the Deputy.
However, in order to provide as relevant a response as possible to the PQ, my officials contacted the Central Bank of Ireland to establish the number of insurers who are authorised to operate in the Irish market. They also contacted Insurance Ireland to find out the number of insurers that are members of their organisation
As the Deputy is aware the Central Bank of Ireland is responsible for the prudential supervision of insurance and reinsurance companies authorised in Ireland. It is also responsible for conduct of business of firms operating on a freedom of services basis. In this regard, it publishes Registers of firms authorised to provide insurance and reinsurance in Ireland. At present, 1,233 firms are authorised to provide Life and Non-Life insurance in Ireland, broken down as follows:
|
Number |
Name |
|
58 |
Solvency II Undertakings authorised under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), to carry on Life Insurance business |
|
171 |
List of Undertakings which have notified of their intention or obtained an administrative authorisation to carry on Life Insurance business into Ireland, on a Freedom of Services basis |
|
128 |
Solvency II Undertakings authorised under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), to carry on Non-Life Insurance business. |
|
813 |
List of Undertakings which have notified of their intention or obtained an administrative authorisation to carry on Non-Life Insurance business into Ireland, on a Freedom of Services basis. |
|
63 |
Undertakings are authorised to carry on reinsurance business. |
It is important to note that while 1,223 companies are authorised to provide life and non-life insurance, many may not be currently active in the Irish market.
Insurance Ireland is an insurance representative body. In relation to motor insurance, Insurance Ireland members represent 90% of the Irish motor market. Insurance Ireland confirmed that they have 130 members in their directory as of 25 May 2018. The following is a sectoral breakdown of members and associate members:
|
Number |
Name |
|
15 |
Life Members |
|
28 |
International Members |
|
18 |
Non-Life Members |
|
3 |
Health Members |
|
29 |
Associate Members |
|
37 |
Reinsurance and Captives |
In addition, I understand Insurance Ireland have a number of InsurTech Members and Strategic Alliance Partners. Further information on membership is available in Insurance Ireland 2017 Annual Report, available at http://www.insuranceireland.eu/media/Annual-report-2017-FINAL%20AW%20digital.pdf.
