Dáil Éireann Debate, Tuesday - 18 December 2018
137. Deputy Michael McGrath asked the Minister for Finance the number of unrated insurance companies operating here; the number of those that are regulated here prudentially; the number regulated here under freedom of services; and if he will make a statement on the matter. [52749/18]
Amharc ar fhreagraAt the outset I would like to say that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, and have no role in the day to day supervision of insurance companies. I have therefore consulted with the Central Bank on the matters raised by the Deputy.
The Central Bank has advised me that the data sought by the Deputy regarding the credit rating attached to all insurance and reinsurance firms operating in Ireland is not available to it.
It has also indicated that as at 31 December 2017, there were 1,166 life and non-life insurance firms licensed or notified to operate in Ireland as follows:
|
Firm Type |
Number |
Firm Type |
Number |
|
Life - Central Bank Authorised |
46 |
Non-Life - Central Bank Authorised |
99 |
|
Life - Freedom of Services |
174 |
Non-Life - Freedom of Services |
804 |
|
Life - Freedom of Establishment |
12 |
Non-Life - Freedom of Establishment |
31 |
|
Total Life: |
232 |
Total Non-Life: |
934 |
However, it should be noted that not all of these firms operate in the Irish market. The breakdown of the firms writing business in Ireland at 31 December 2017 was as follows:
|
- |
Life |
Non-Life |
Composites (Both Life and Non-Life) |
|
Central Bank Authorised |
46 |
99 |
0 |
|
Freedom of Services |
15 |
117 |
19 |
|
Freedom of Establishment |
7 |
10 |
3 |
|
Freedom of Services and Freedom of Establishment |
0 |
18 |
2 |
|
Total |
68 |
244 |
24 |
The Central Bank has informed my Department that these figures have been taken from an EIOPA database.
Finally, the Deputy should note that the European Insurance and Occupational Pension Authority (EIOPA) in 2017 developed a cross-border platform of cooperation between National Competent Authorities (NCA’s) to provide all NCA’s with the opportunity to discuss concerns in relation to specific undertakings, local markets and share general market developments. The Central Bank has advised me that they participate fully in the platform with other relevant supervisory authorities.
