Irish Insurance Industry: Governance, Risk and Compliance

Irish Insurance Industry: Governance, Risk and Compliance

Feb 2020 GlobalData Banking87 Pages Price :
$ 950
Irish Insurance Industry: Governance, Risk and Compliance


GlobalDatas Irish Insurance Industry: Governance, Risk and Compliance report is the result of extensive research into the insurance regulatory framework in Ireland.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalDatas research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

- The Irish insurance industry is supervised and regulated by the Central Bank of Ireland.
- Reinsurers are permitted to carry out both life and non-life reinsurance business.
- Non-admitted insurance, in general, is not permitted in Ireland.
- Foreign ownership of up to 100% is permitted in the Irish insurance industry.
- Solvency II was implemented effective from January 1, 2016.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Ireland, including -
- An overview of the insurance regulatory framework in Ireland.
- The latest key changes, and changes expected in the countrys insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Ireland.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.


- The report covers details of the insurance regulatory framework in Ireland.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

- Gain insights into the insurance regulatory framework in Ireland.
- Track the latest regulatory changes, and expected changes impacting the Irish insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
1.1 What is this Report About?
1.2 Definitions
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Social security insurance
2.4.2 Motor third-party liability insurance
2.4.3 Air carriers and aircraft operators insurance
2.4.4 Professional indemnity insurance for alternative investment fund managers
2.4.5 Public liability for vessels licensed to carry more than 12 passengers
2.4.6 Passenger liability insurance for railway operators
2.4.7 Professional indemnity insurance for veterinary practitioners and nurses
2.4.8 Professional indemnity insurance for solicitors
2.4.9 Professional indemnity insurance for accountants
2.4.10 Professional indemnity insurance for brokers
2.4.11 Clinical trial liability insurance
2.4.12 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Federation of European Risk Management Associations
2.5.4 Central Bank of Ireland
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalDatas Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Ireland - Insurance Regulatory Framework Key Features
Table 3: Ireland - Life Insurance Regulatory Framework
Table 4: Ireland - Property Insurance Regulatory Framework
Table 5: Ireland - Motor Insurance Regulatory Framework
Table 6: Ireland - Liability Insurance Regulatory Framework
Table 7: Ireland - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 8: Ireland - Insurance Funding Levy
Table 9: Ireland - Corporate Tax Rates for the Financial Year 2019

List of Figures
Figure 1: Ireland - Insurance Supervision and Control at Various Levels
Figure 2 Ireland - Insurance Regulatory Frameworks for Company Registration and Operation

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